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June 2019 Real Estate Market Update

LSTAR ( The London and St Thomas Association of Realtors) has realeased its real estate market report for June 2019.

Highlights

  • 1,050 homes were sold last month
  • 1.3% less units than in June 2018
  • 9.6% less than in May 2019
  • 1,463 new listings in our area
  • 0.9% less than a year ago
  • inventory has increased slightly

The LSTAR President offered the following comments: “Even if the home sales edged down last month, our local real estate market is still robust: the year-to-date sales activity saw a 3% increase over June 2018 and a higher level than in any of the first five years of this decade.

Breakdown By Area

London

  • 969 new listings in June
  • 715 homes exchanged hands, 0.6% more than last year
  • Monthly average home price: $408,274.

St Thomas

  • 90 new listings
  • 73 home sales, 24.7% less than in June 2018
  • Average home price was $354,064.

The Canadian Real Estate Association (CREA), reports that in London, the median number of days on market for residential properties was ten. In Elgin County, the median number of days on market was 21, in Middlesex County – 13, while in St. Thomas and Strathroy was 11.

Overall, the average home price in the Association’s jurisdiction was $403,382.

London Geographic Breakdown

  • London East – Avg Price: $328,025 – Up 11% from June 18
  • London North – Avg Price: $486,518 – Up 1.4% from June 18
  • London South – Avg Price: $403,405 – Up 8.5% from June 18
  • St. Thomas – Avg Price: $354,064 – Up 21% from June 18

Average Price Of Homes Across Canada

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 June, that’s generating potentially more than 70 million dollars back into the local economy for the next few years,” Taylor concluded.