Home sales steady in January, despite low inventory.
The London and St Thomas Association of REALTORS® (LSTAR) announced 400 homes* were sold in January, down 28.8% over the same period last year, which holds the record for best January results since LSTAR began tracking sales data in 1978.
"When you take a look at the last 10 years, these results are right in line with the activity we expect in January," said Jeff Nethercott, 2018 LSTAR President. "One of the areas affecting home sales is low inventory. There were 623 new home listings, down 31.8% from last January, and there were 1,020 active listings, down 27.7% from this time last year.”
Average home sales price continues to rise across London and St. Thomas. The average sales price in the region was $333,424, up 9.8% over the same period last year. By geographic area, London South was $351,167 up 11.5% from last January. In London North, average home sales price was $397,075 up 6.2% compared to the previous year, while in London East, it was $294,348, an increase of 32.1% from January 2017. In St. Thomas, it was $247,135, up 19.7% over last January.
"One of the other factors impacting home sales was weather, with the region experiencing harsher winter conditions compared to last January," Nethercott said. "We also have to consider the tighter mortgage regulations that took effect on January 1. In the coming months, it'll be interesting to see what impact this may have on monthly sales activity, here in our local communities and throughout Canada."