Home Sales Remain Strong!
The London and St. Thomas Association of REALTORS® (LSTAR) announced 757 homes exchanged hands last month, slightly down 10.2% from the same time a year ago. Year-to-date sales are up 10.6%, with a total of 10,111 homes sold, marking the second consecutive year residential sales have surpassed 10,000 across the region.
The October results mark a new chapter for LSTAR, after launching the CoreLogic Matrix platform as part of the Ontario Collective, a collaborative group of 13 real estate boards and associations across Ontario focused on delivering robust data, tools, and the best available technology to support over 5,000 REALTORS®.
“LSTAR was part of the Collective’s first phase launch of this new enhanced regional MLS® System, supporting our REALTOR® Members to better serve consumers,” said Jim Smith, 2017 LSTAR President. “Along with the launch of Matrix, LSTAR has also upgraded its monthly home statistics reporting, thanks to a collaborative partnership with the Canadian Real Estate Association (CREA).”
The CREA Residential Market Activity Report provides more data, featuring an in-depth look at home sales trends happening across London and St. Thomas.
“LSTAR has been working with CREA over the last few months to develop this report and we are very excited to share the data with our Members and the public,” Smith said. “The CREA report includes more specific residential activity based on geography and more detailed comparison statistics to activity in previous years.”
In October, the average sales price across London and St. Thomas was $325,331 up 14.2% from the same time a year ago. The average year-to-date sales price was $330,497 up 18.3% from October 2016.
“When looking at the region, home sales in London East, London South and London North have posted healthy gains in year-to-date activity,” Smith said. “In London East, home sales are up 21.2% compared to a year ago, while in London South, sales are up 13.9% and in London North, sales are up 6.5% compared to this time last year.”
In October, there were 847 listings, down 17% from the same time in 2016. St. Thomas saw a total of 67 homes sold, down 21.2% from the same time last year. The average home price in St. Thomas was $284,344 up 25.7% from October 2016.
