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Real Estate Market Update: November 2018

LSTAR has released the November 2018 Real Estate Market Update. LSTAR is the London & St Thomas Association of Realtors. It is one of the ten largest real estate associations in Canada representing 1,700 Real Estate Brokers and Salespersons.

November Market Breakdown

  • 746 homes* were sold in November, up 6.7% over November 2017
  • Second highest total ever for November since LSTAR began tracking data in 1978
  • November 2016 holds the record with 749 home resales, only three more than November 2018

Comment From LSTAR Board

“In November, we saw more positive signs with new listings in the marketplace, which contributed to the robust sales activity. November had 898 new listings, an increase of 17.5% over the same month last year. The area of London East continues to be making healthy gains in both new listings and average sales price. It had 192 new listings, up 24.7 % from November 2017, where the average sales price was $302,737, up 18.7% from 2017 and up 58.9% compared to five years ago. Going back further, that’s up 75.0% compared to 10 years ago.”

Average Sale Prices Across Canada YTD 2018

 

market update

 

This chart is based on data taken from the CREA National MLS® Report for October 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.

Breakdown By Area

London East

  • 192 new listings, up 24.7 % from November 2017
  • Average sales price was $302,737, up 18.7% from 2017
  • Up 58.9% compared to five years ago. Going back further, that’s up 75.0% compared to 10 years ago

London North

  • Average sales price was $482,202, up 24.4% from last November
  • Up 62.4% compared to the same month five years ago
  • It’s an increase of 98.7% compared to the average sales price in 2008

St Thomas

  • Average sale price  was $304,618 up 13.1% from a year ago
  • Up 43.5% compared to five years ago
  • It’s also up 78.6% from 10 years ago

Multiple Offers

 

Did You Know?

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated each time a home changes hands in Ontario. “It’s turning out to be another exceptional year for real estate across London and St. Thomas,” Nethercott said. “The business of real estate touches every layer of our regional economy, with November resale activity generating potentially more than $39 million and helping create approximately 248 jobs. The impact to economic growth is priceless.”