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Real Estate Market Update: April 2019

Strong Real Estate Market Continues In April

LSTAR ( The London and St. Thomas Association of Realtors) have released their market report for April 2019.

Key Highlights

  • 1,055 homes* were sold in April
  • Up 7.7% over April 2018
  • 4th consecutive month to post gains over sales from the previous year
  • Number of home resales above the 10-year average

Earl Taylor, LSTAR President, offered the following comments: “The home resales activity in April reflects a very robust start to the spring market season. In fact, last month was the third best April, since LSTAR started tracking data in 1978. We continue to trend higher for total sales compared to 2018 with 2,989 units sold, which is ahead 6.4% compared to the same time last year.”

LSTAR Market Breakdown

Includes London, St Thomas, Strathroy, and all Middlesex County

Statistical Sales Data

  • Average home sales price across LSTAR’s – $421,375
  • An increase of 14.8% over April 2018
  • Average sales price does factor all housing types, including single detached homes, as well as high rise apartment condominiums

Regional Breakdowns

  • Largest year-over-year gain was in Elgin County, with an April average sales price of $411,441
  • Up 37.8% compared to April 2018
  • Strathroy also made a healthy gain, with an average sales price of $420,312
  • Up 37.6% increase from the same month last year
  • In St. Thomas, the April average sales price was $356,219, up 25.7% compared to the same time last year

Average Home Sales Across Canada

The data below is provided by the Canadian Real Estate Association

According to a research report1, a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase. “Based on the robust home resales in April, that’s generating potentially more than $71 million back into the local economy for the next few years,” Taylor said. “A strong economy depends on the business of real estate. With the spring season in full swing, it’s a fantastic time to get in touch with a local REALTOR® if you’re considering to sell or purchase a home.”

The London and St. Thomas Association of REALTORS® (LSTAR) exists to provide its REALTOR® Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada’s 15 largest real estate associations, representing over 1,700 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign.

The London and St. Thomas Association of REALTORS® (LSTAR) exists to provide its REALTOR® Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada’s 15 largest real estate associations, representing over 1,700 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign.