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Real Estate Market Update January 2019

LSTAR ( The London and St. Thomas Association of REALTORS®) has released the market update for London & area January 2019.

January Update

  •  525 homes* were sold in January
  • Up 17.4% over January 2018
  • The number of home resales was higher than the 10-year average
  • Second highest number of units sold in January since 2010

Analysis

LSTAR President offered the following comments: “We’re starting to observe signs of movement toward more balance in the marketplace, based on the sales-to-new listings ratio. In January, the ratio was 60.9% across LSTAR’S jurisdiction. The Canadian Real Estate Association (CREA) says a ratio between 40% and 60% is generally consistent with a balanced market.”

London Update

  • Average sales price was $387,859
  • Up 11.2% from last January

St Thomas Update

  • Average home sales price in St. Thomas was $343,178
  • Up 34% compared to January 2018
  • Up 68.9% compared to January 2014
  • Up 86.7% compared to 10 years ago.

Across The Region

Average home sales price made steady gains in the five major areas of LSTAR’s region. In London, the average sales price was $387,859 up 11.2% from last January, while it was $398,150 in Strathroy, an increase of 41.4% from January 2018.

 

London Breakdown

London North

  • Average sale price of $477,615
  • Up 18.1% from the same period last year

London South

  • Average sales price of $381,120 in January
  • Up 6.6% compared to January 2018
  • Up 95.8% compared to just 10 years ago

 

The following chart is based on data taken from the CREA National MLS® Report for December 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

 

market update

 

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. “The business of real estate has a long-term tremendous impact for the region,” Taylor said. “For just the first month of the year, we’re talking about generating potentially more than $35 million into the local economy over the next few years. This impacts government, professional services including legal and appraisal entities, furniture and appliance manufacturers and retail, as well as local contractors and tradespeople.”