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Real Estate Market Update – October 2018

Real Estate Market Update – October 2018

October 2018 Was A Record Month For Home Sales

 LSTAR (London and St. Thomas Association of REALTORS®) has released its market update for October 2018. The report indicates another record setting month for real estate in London.

906 homes were sold in October

Up 11.9% over the same month last year

Best monthly total for October, since LSTAR began tracking data in 1978

 

market update

 

LSTAR President offered the following comments: “It was a very strong October, with home resales high above the 10-year-average. One of the trends we saw in October was a healthy increase in the number of new listings to the marketplace. October had 1,171 new listings, up 38.1% compared to October 2017. Average sales price continues to make steady gains as well all across the region.”

Breakdown By Area

London East

  • Average sales price was $311,954
  • Up 25.5% from 2017
  • Up 62.7% compared to five years ago

London South

  • Average sales price of $396,019
  • Up 19.9% from 2017
  • Up 63.4% compared to five years ago

London North

  • Average sales price of $447,036
  • Up 10.7% from last October
  • Up 46.0% compared to five years ago

St. Thomas

  • Average sales price was $315,464
  • Up 11.8% from October 2017
  • Up 46.8% compared to five years ago

 

Average Real Estate Transaction Prices Across Canada

 

market update

 

*Data from CREA.ca

 

Did You Know?

According to a research report, 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.