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London Real Estate Market Update – August 2018

The London & St Thomas Association of Realtors or LSTAR has released its real estate market update for August 2018. Here is our breakdown of the numbers.

  • 923 homes were sold in August, up 2.2% over the same time last year
  • August 2018 marked the second best August for home resales since the Association began tracking sales data in 1978
  • August 2016 holds the record, with 999 home resales

President of LSTAR offered the following comments: “It was a very strong summer for home resales, with August achieving very solid numbers. Resale activity has performed high above the 10-year average, despite low inventory, which the marketplace has experienced all year. The average sales price continues to rise: it was $378,511, up 18.0% from August 2017. When you go back five years, that’s up 54.2% compared to August 2013.”

Breakdown By Region

London South

  • Average sales price of $381,636
  • Up 17.5% from August 2017
  • Up 55.8% from August 2013

London East

  • Average sales price of $287,162
  • Up 16.6% from August 2017
  • Up 38.9% from August 2013

London North

  • Average sales price was $466,654
  • Up 11.9% from August 2017
  • Up 57.3% from August 2013

St Thomas

  • Average home sales price was $295,262
  • Up 17.2% from August 2017
  • Up 46.9% from August 2013

Other Notable Stats

  • We continue to experience a 10-year historical low in inventory
  • August had 1,535 active listings, down 12.6% from this time last year and down 57.6% from August 2013

Average Home Prices Across Canada

The following chart is based on data taken from the CREA National MLS® Report for July 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.

real estate market

 

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.