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Real Estate Market Update May 2019

LSTAR (The London & St Thomas Association of Realtors) has released it’s market update for May 2019.

Market Breakdown

  • 1,146 homes exchanged hands last month
  • 1% less than in May 2018
  • 26% down from May 2017
  • Number of active listings for the same area sat at 1,855 in May

LSTAR President offered the following comments “Some of the May figures show signs of market stabilization, with London North, Elgin County and Middlesex County entering a more balanced territory. This is not the case of St. Thomas, which is still very much a Sellers’ Market. In fact, last month, the sales-to-new listings ratio was higher in St. Thomas than in London – 78.9% versus 69.6% – which means that the existing market conditions in the Railway City clearly favour home sellers. Moreover, the inventory continues to be very low in St. Thomas, while the average home sale price sits at an all-time high of $363,947.”

The Canadian Real Estate Association (CREA) offered a further breakdown:

  • In London: median number of days spent on market by the London residential properties was eight
  • Elgin County: the median number of days on market was 22
  • Middlesex County: median number of days 15
  • St. Thomas and Strathroy: median was 13

Average Prices In Region

  • Average home price in the London area was $414,878
  • Slight decrease from April 2019, but it’s 13.3% up over May 2018
  • Average price in London East was $337,443 – up 15.6% from last May
  • London North, the average home sales price was $492,089 – up 9% compared to the previous year
  • London South, it was $434,017 – an increase of 17.2% from May
  • St. Thomas, it was $363,947 – up 25.5% over last May

Market Breakdown Infographics