Real Estate Market Update – September 2019
LSTAR, The London & St Thomas Association of Realtors, have announced the market stats for September 2019. In London & area 861 homes were sold. This marks the second best September for home sales since 1978.
The President of the London & St Thomas Realtors Association offered the following comments: “In September, home resales across the region were up 11.8%, compared to the same month last year. With three months left in the year, almost 8,000 homes have exchanged hands, which is up 3.6%, compared to this period in 2018.”
- Current inventory remains low
- Active listings sit at 1,841,
- An increase of 8.8%, compared to September 2018
- Well below the 10-year average
Low inventory will more often than not drive home prices higher. Each of LSTAR’s five areas saw this impact.
- Elgin + 20.4%
- Middlesex +6.6%
- Strathroy +6.5%
- London +5.1%
- St Thomas +4.3%
Average home price across all of LSTAR was $412,208. This is up 6.8% September 2018.
London Area Breakdowns
- London East was $343,404, up 13.7% from last September
- London South was $406,388, up 5.4%
- London North was $485,102, down 2.2% over last September
Average Sale Prices Across Canada
The following chart is based on data taken from the Canadian Real Estate Association (CREA) National MLS® Report for August 2019 (the latest CREA statistics available). It provides a snapshot of how average home prices** in London and St. Thomas compare to some other major Ontario and Canadian centres.
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 home resales in September, that’s generating potentially more than $58 million back into the local economy for the next few years,” Taylor said.