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Real Estate Market Update – October 2020

Record Sales and Prices Continue Throughout October

LSTAR – The London and St Thomas Association of REALTORS® announced 917 homes exchanged hands in October
with an average price for $526, 848.00

The combination of historically low interest rates and the new working from home trend is increasing the already high demand for homes in a housing market that has a limited supply, is continuing to increase the already record high home prices.

The following graphic illustrates last month’s average home prices by
area and how they compare to the values recorded at the end of
October 2019.

 

How Long Are Sales Taking? 

The median number of days: 
St. Thomas: 8
Strathroy: 8.5
Elgin: 14
London: 8
Middlesex: 17

Sale Prices Across Canada

The following chart is based on data taken from the  CREA National
Price Map  for October 2020.

 

 

It provides a snapshot of how home prices in London and St. Thomas compare to some other major Ontario and Canadian Centers.