London, Ontario Real Estate Market Stats:

March 2019

During the month of March, the sparkling agent of LSTAR (London St. Thomas Association of Realtor®️) exchanged 814 homes, that’s up by 0.4% over the same time last year, in which we sold 769 homes. Essentially, that’s the third month in a row that the number of homes sales is up this year.

We’ve had a strong start in the first quarter of this year, selling or exchanging 1,939 in resale homes. This is an increase of 6% over the same time last year.

The good news for this spring (or first quarter) is that the number of active listings has risen in comparison to last year. There were 1411 active listings in the first quarter, which is up by 14.5% over the same time last year. This is significant because in the last two years (2017 and 2018) our market was a struggle for buyers, in particular, due to the major lack of listings. This was good news for sellers as prices increased drastically in the last few years making a great time to sell. If you have to buy and sell in an unbalanced market, it makes little difference, as the benefits on one end is equal to the loss on the other.

The average home price for London is currently sitting at $416,085. This is up by 12.7% over the same time last year when the average price was $363,242.

You can find the breakdown by area in the infographics below:

Latest Real Estate Stats, by Region:

(click to expand)

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London, Ontario Real Estate Market Stats:

February 2019


Latest Real Estate Stats, by Region:

(click to expand)

During the month of February 2019, the (bitterly cold) agents of LSTAR (London and St. Thomas Association of Realtors®) exchanged 603 homes. This is up over February 2018 by 5.6%. The sales-to-new-listing ratio for February was 69.2% which is slightly down from the previous year (71.1%). A balance market is positioned between 40% and 60% which means that the current market remains a sellers market, people! So that means a great time to sell!

The average sale price in London is now $405,186, up by a solid 13.5% over the same time last year.

Here it is broken, down by area:

Area Average Sale Price Annual % Change

London East $302,945 +4.1

London North $497,017 +18.7

London South $392,756 +4.7

(Portions of London West are represented in both London North and South)


There are 5 areas that make up the London-St. Thomas Association of Realtors® all have seen gains of different proportion over this past year.

Below are the percentage gains over February 2018:

Area February Average Price (+/-%)

Elgin County $360,800 +33%

London $405,186 +13.5%

Middlesex County $469,094 +8.1%

St. Thomas $306,279 +0.5%

Strathroy $365,534 +12.6%

 

We can also see the changes in the different styles of homes:

  • 2-storey homes in London sold for on average $543,114 last month, up 12.7% over February 2018.

  • One-level home, like bungalows and ranchers sold for an average of $368,664, up by 8.9%.

  • Condominium apartments sold for an average of $246,070, up by 27.1% over the same time last year.

 
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London, Ontario Real Estate Market Stats:

January 2019

In the month of January, the frigid agents of LSTAR (London and St. Thomas Association of Realtors®) exchanged 525 homes. This is up by 17.4% over the same time last year.

The sales-to-list ratio for January was 60.9%, signaling that we may just be moving towards a more balanced market after having been in a solid sellers’ market for a good long time. Last month, London had a sales-to-list ratio of 119.7% and St. Thomas a solid 100%. A balanced market sits between 40-60%.

The average sales price during the month of January was $387,859. This is up by 11.2% over January of last year. Here’s how it breaks down, by area:

London North: $477,615 up 18.1% Well done!

London South: $381,120 up 6.6%

London East: $317,290 up 10.1%

Looking for London West? Both London North and South include portions of what would be considered the London West area.

Latest Real Estate Stats, by Region:

(click to expand)

 
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London, Ontario Real Estate Market Stats:

December 2018


Happy New Year, people! The beautiful agents of LSTAR (London and St. Thomas Association of Realtors®️) exchanged 439 homes during the month of December. This is up by 2.1% over the same time last year when 430 homes were sold. So, just a minor change.

We continue to experience a market with a severely low inventory. Because of this, December had one of the highest sales-to-new list ratios: London ratio was 119.7% and a solid 100% for St. Thomas! This is excellent news for those selling homes and a struggle for those buying homes. This recent super hot market has changed both the buying and selling strategies like nothing I’ve seen before in my time as a real estate agent in London (over a decade).

The average house price for London is up by 13.4% to $375,782. By comparison, last December, the average price was $304,079. That’s a pretty decent return, right? St. Thomas saw a rise of 0.7% over last year to $304,079, so not as drastic of a change as London, but who knows what the next few months may hold.

Even this early in the year, it’s obvious that we will continue to experience a seller’s market.

If you’re thinking about selling your home, now is a great time to get a nice return on your investment. If you would like to know how much your home is worth, feel free to contact me for a no obligation market analysis.

Latest Real Estate Stats, by Region:

(click to expand)

Note: According to LSTAR there is no London West, so those stats are included in London North and South. 😬

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London, Ontario Real Estate Market Stats:

November 2018

During the month of November 2018, 746 homes were exchanged by the brilliant agents of LSTAR (London and St. Thomas Association of Realtors). This is up by 6.7% over the the same time last year. This month is only second to November of 2016 in sales, since we started tracking in 1978, the same year the year of the first cell phone. Text me baby! 

Active listings were up this past month (thank goodness) by 17.5% over last year, topping out at 898 listings. This certainly was a strong factor in the rise in overall sales this month.  

The average sale price for the London - St. Thomas area for this November is $376,238, this is up by 16.1% over the same time last year. 

Check this out: if you bought your home in 2008, your home may be worth (using the overall average price indicator) 85.9% over what you purchased it at. True story!

London East is still the Best Buy within London but here’s the rub: a buyer is less likely to face a multiple offer situation in London South.  

As you can see, we are still in strong need of listings. If you are thinking of selling your home, please give me a call.

Thanks for reading!

Mel  

Latest Real Estate Stats, by Region:

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London, Ontario Real Estate Market Stats:

October 2018

The vivacious agents of LSTAR had a record October, selling 906 homes, this is up 11.9% over October of 2017.  This marks the best monthly sale for the month of October since we started tracking in 1978, the same year the popular arcade game “Space Invaders” was released. Who’s missing the arcade scene right about now? 

October saw the much needed rise in inventory, with 1,171 new listings. This is up by 38.1% over the same time last year. Our large price gains in the London area can be directly attributed to our very little inventory and our attractive price point.

The average sale price is up over last year by 17.1%, cashing in at $379,654. London East lead the rise at 25.5% over last year, coming in at $311,954. London South came in second with a 19.9% rise at $396,019. And London North following through with a 10.7% rise to $447,036. It is obvious that the lower price areas in London are attracting more attention from London buyers as well as out-of-town buyers who are looking for a great deal with room to grow their investment return.

There is a considerable amount of profit that can be made at this time if you are on the selling end of things. In this market, sellers are at an advantage, especially if they don’t have to buy a property. On that note, if you have any interest in selling your property and would like to know what your property may be worth (keep in mind, properties are routinely selling for over asking in this market) please contact me at your convenience or fill in the home evaluation form.


London, Ontario Real Estate Market Stats:

September 2018

The industrious agents of LSTAR (London and St. Thomas Association of Realtors) exchanged 778 homes during the month of September 2018. This is down 6.1% compared to September of 2017, but still above the 10 year average.  

The average sale price for our area is up by 21.0% to $386,520. over the same time last year. The acceleration of home prices can be directing attributed to two major influences in the market: overall low inventory and the steady influx of out of town buyers.  

Here’s the breakdown by area:

London North up by 28.1% to $498,138

London South up by 18.0% to $385,635

London East up by 10.0% to $302,452

In case you’re wondering, the real estate board doesn’t have a classification for London West :)

September saw only 1,640 active listings, this marks the lowest amount of active listing for a September in 10 years. This issue coupled with the continued flow of out of town buyers has pushed the list to sell ratio to 64.5%. 40-60% is considered a balanced market, so 64.5% is definitely a sellers market. East London has the highest list to sell ratio at 76.8%. It’s a great time to sell! 

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London, Ontario Real Estate Market Stats:

August 2018

The diligent agents of LSTAR (London and St. Thomas Real Estate Board) exchanged 923 homes during the month of August. This is up by 2.2% over August of 2017 and only second from the highest August on record when 999 homes were sold in 2016. Most of the stats for each month this year have been short of last year‘s numbers. I believe August had strong showings due to the low inventory (which we’ve been suffering for most of the year). We still have a lot of buyers in the market looking to find a home, making it a great time to sell.

Typically, the summer months in London’s real estate market tend to slow down, but over the last few summers, we have experienced unusually busy months. I’ve often joked in the past that if I disappeared for the month of August, no one would notice! This is no longer true and looks like busy real estate may just be the norm, year-round. #busysummer  

Good news people! Prices are still rising, with an average sale price of $378,511! This is up by 18% over the same time last year. Word is, if you go back five years, our prices are up by 54.2% compared to August 2013. 

Here are the latest sold stats in London, Ontario, broken down by area:

Area                  Average Sale Price   Change From Last Year

London North        $466,654.                    +11.9%

London South       $381,636.                    +17.5%

London East          $287,162.                     +16.6%

With a list-to-sales ratio of 85.1%, we are solidly in a Sellers’ Market. A balanced market has a list-to-sales ratio of 40-60%. London has become a popular destination for Buyers, mostly due to its location and low house prices. Compared to the medium and large cities across the Canada, London still boasts one of the best values when purchasing a home.

🧐

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London, Ontario Real Estate Market Stats:

July 2018

During the month of July 2018, the fabulous agents of London St. Thomas Association of Realtors (LSTAR) sold a solid 1000 homes. This is down only 1.8% from July of 2017. July 2017 was our best year since we started tracking sales in 1978, the year of the People Temple #DontDrinkTheKoolAid! This is a fairly strong July. Normally, sales flatten during the summer months but due to the continuing low inventory of homes we are experiencing a strong summer market. Yay!

The average sale price for home in London and St. Thomas Real Estate board is $360,068, up 10.3% over the same time last year. 

Here's the breakdown of the average sale prices by area:

London East $288,648 up 14.3% over July 2017, well done EOA!

London South $370,399 up 10.9% over July 2017

London North $441,045 up 8.0% over July 2017

East London is by far the hottest market in London. One of the reasons is due to the fact that East London homes have been long since under valued. Much like a pyramid, many new home buyers are being approved for mortgages below $300,000 (the largest amount of new home buyers are looking for homes in this price range), hence producing multiple offers and pushing sale prices up, up, up in the area. In saying that, it is still the most affordable area to purchase a home in the city.  

If London in 2017 was the year of the “Toronto Invasion” then 2018 is the year of low inventory. It’s obvious that the influx of buyers from other regions (including the GTA, out of country, the prairies and BC) has increased the potential amount of buyers from last year into this year. That has definitely changed the dynamics and made it a solid sellers' market. 

As for St. Thomas, there were 79 homes sold in July, which is down by 7.1% over the same period last year. There were 87 active listings, down by 22.3% from last year. The average sales price in St. Thomas in July 2018 was $340,824.  

If you want to talk Real Estate or get the scoop on the hottest neighbourhoods in London, please give me a call! 

Thanks for reading,

Mel

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Looking for more?

Here are in-depth numbers, by area (except London West - the real estate board doesn’t have this section)


London, Ontario Real Estate Market Stats:

june 2018

During the month of June, the handsome agents of LSTAR (London and St. Thomas Association of REALTORS®) exchanged 1,080 homes, this is down by 14.6% over the same time last year. In defense of 2018, 2017 was a record setting year and because of the extremely hot market sales activity was above the 10 year average. As low inventory continue to rival levels of 2009, the lack of listings continues to push up house values in the area. The average sales price in the LSTAR region is now $370,247, which is up 10.5% from June 2017 and 32.7% from June of 2016. 

Here are the average sale prices broke down by area:

London East  $295,541 up 11.7% over June 2017 and 34.7% over June of 2016  Go #EOA!

London North $479,237 up 11.6% over June 2017 and 39.9% over June of 2016

London South $372,881 up 9.2% over June 2017 and 36.6% over June of 2016

PS: In case you're wondering, there is no London West on our Real Estate maps! 

St Thomas $294,471 up 5.5% from June 2017 and 25.7% from June 2016

Check this out:

our average price is up a full 72% over 10 years ago,

proving that Home ownership is a great investment!

The low inventory of active listings continues and is causing the present increase of home prices. During June, we had 1,779 active listings, down 4.3% from the same time last year, and down 40.0% over June of 2016! Our sales-to-list ratio is 72.0%. A balanced market sits between 40% - 60%, so we are well within a Seller’s Market.   

It's an excellent time to sell a home or investment! Get in touch with me if you'd like to find out how much your home is worth!

Melanie-Pearce-London-Ontario-Real-Estate-Market-Stats-June 2018.jpg

London, Ontario Real Estate Market Stats:

May 2018

During the month of May, the talented agents of LSTAR exchanged 1,171 homes, this is down from last year at the same time by 24.4%. This May was the 3rd best May since we started keeping records, which started in 1978 (the same year the Garfield comic strip debut in US newspapers). Because of the low inventory (major lack of listings), home prices are above the 10 year average. 

Home prices in London and St. Thomas  are up 6.4% to $366,096 over May of 2017.  Here are the numbers, broken down by area:

London South up by 4.4% to $370,851

London North up by 4.7% to $451,556

London East up by 11.1% to $291,359

St. Thomas up by 11.2% to $288,723

Way to go East London and St. Thomas!

Low inventory continues to be the elephant in the room. We are experiencing the lowest inventory in 10 years (if this was an anniversary, you'd be buying me something made of tin or aluminum, lol!). We had 1,643 active listings this past month which is down by 7.7% from last year and 44.6% down from the same time in 2016. This put our sales to listing ratio at 70.8%, making it a solid Sellers' Market. As we head into the dog days of summer we should see this soften a bit before we see the leaves change for fall. In other words, if you have an extra house hanging around, consider selling it. 

London and St. Thomas still remain a steal of a deal when compared to other cities across Canada. Just check out the chart in the graphic below:

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London, Ontario Real Estate Market Stats:

April 2018

During the month of April, the fine agents of LSTAR exchanged 983 homes, this is down by 19.6% over April of the previous year. Last year’s numbers would be hard to compete against as it was our best year since 1978 (when we first started documenting), so the fact that the number of homes is down isn't too surprising. This is in part due to the fact that we are also dealing with extremely low inventory. You can’t sell homes if they aren't there to sell!

The average sales price across the London & St. Thomas region for April 2018 was $367,433, up 5.0% over the same time last year and up 33.6% over April 2016. Here are the numbers in comparison to April 2017, broken down by area:

London South was $375,031 up 0.9%

London North was $454,847 up 7.3%

London East was $306,469 up 14.1% 

St. Thomas was $285,316 up 7.7%

During the month of April, there were 1,401 active listings, this was down 13.9% from April 2017 and down 50.6% from April 2016. The sales-to-new listings ratio was 70.9% - now that’s a solid sellers' market.  

Strategies have always been a part of real estate, but especially so in this strong sellers' market with strategies intensifying on both sides. Buying your dream home in a strong sellers' market isn't for the faint of heart, but there are strategies that can give you a leg up on the competition. Above all, getting reliable and up-to-date market information and learning about the latest tools from your real estate agent is a great place to start whether you are looking to buy or sell real estate in London, Ontario's market.

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London, Ontario Real Estate Market Stats:

March 2018

We have a sellers' market! Over asking sales and average prices that continue to rise.

If you are thinking of selling your home, now is the time!

 

Read on for the scoop on the latest market update for London and St. Thomas:

  • 769 homes exchanged, down 37.9% over last year (which holds the record for best March since the stats started to be tracked way back in 1978 when you could buy an 8 track player for only $169.00! Super rad, right?

  • Inventory (or active listings) is currently the lowest we’ve had in 10 years at only 1,192, which is down 20.4%. Last year was already on the low side of things. Making this March 55.3% lower than March of 2016. 

  • Because of the low inventory, the average house prices across the London St. Thomas board continue to rise month over month. Our average house price has risen by 8.6% over the same time last year to $364,112. Here’s how it breaks down: London South was up by 3.1% landing to $360,587, London North was up by 7.1% to $438,827, London East was up by 8.4% to $291,161 and St. Thomas was up by 18.5% (WOW!) to $295,980.  

  • The sales to new listing ratio is 75.1%, which means that 75% of all new listings within the month calculation have sold. To put this into perspective: in a balanced market, 50% of all listings will expire. Get your head around that stat! This is a clear indication that we are in a solid sellers' market and prices are continuing to rise because of it. 

  • If this year performs along the lines of last year, we should see a mellowing of the over asking price for sales during the upcoming summer months, followed by a bit of a rally come fall time. The start of April has seen a robust amount of new listings come onto the market, so this may help to stabilize this extremely hot sellers' market.  

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London, Ontario Real Estate Market Stats:

February 2018

During the month of February, the real estate agents of LSTAR exchanged 536 homes, this is down from last year by 32.8%. By no means should this be considered a slow down in the London and St. Thomas real estate market. This all has to do with the supreme lack of inventory (hint, hint - great time to sell). We had 1,103 active listings which was down by 26.4% from the same time last year. This is the lowest inventory we've seen in 10 years, but the demand for homes is there.

The average sales price in the region in the month of February was up by 10.8% to $349,848, showing that prices continue to climb.

It’s an excellent time to sell, so if you’re interested in seeing how much you could sell your home for please contact me or head to the Selling Page to learn more about and get a free market evaluation.

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London, Ontario Real Estate Market Stats: JANUARY 2018

We, the realtors of London and St. Thomas Association of Realtors exchanged 400 homes in January 2018. This is down by 28.8% from last year's record (which was record breaking). This is not a swing or shift in the market. This is straight up a lack of listings. As has been the trend in the past little while, there is more demand than supply. In that regard, we were down in new home listings by 31.8% from last year. We had 1,020 active listings, another decrease (by 27.7%) in comparison to last year. So, it’s not a big surprise to see prices on the rise.

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The average sale price was up by 9.8% over the same time last year to $333,424. Here’s how it breaks down by area:

London South up 11.5% to $351,167

London North up 6.2% to $397,075

London East up a whopping 32.1% $294,348 (#EOAfanbeforeitwascool )

St. Thomas up 19.7% to $247,135

Many in the real estate business were concerned that due to the government's implementation of tighter mortgage regulations that the market would slow to halt, but that has not been the case here in London, Ontario and the surrounding area. We are still feeling the effects of the infiltration of buyers coming from Toronto. The new mortgage rules and double taxation has taken a bite out of the markets in and around Toronto, leading to a number of home buyers looking for more affordable alternatives, like London.


London, On real estate Market Stats: DECEMBER 2017

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Yes, it was that kind of year for London and St. Thomas Real Estate. This is the first time since LSTAR began tracking data in 1978 (the year Stayin' Alive was what you wanted to dance to) that we have exchanged over 11,000 homes in a single year! That has made for one busy year for this region of Southwestern Ontario! In total, we sold 11,203 homes, which is up 8% from 2016. During this past year alone, we had a solid run of 6 months of consecutive record breaking sales. Much of this was stimulated by interest from outside of London. It seems like "The 6" has recently discovered what a cool city London is and are taking advantage of the low real estate prices. You can get a gorgeous, century-old historic house in a hip neighbourhood in London for the same price (sometimes less) than a bachelor apartment in a generic high rise tower on the outskirts of Toronto. More and more individuals and families are starting to choose a better quality of life and that's looking like what London and St. Thomas have to offer.  

The average sale price across the London St. Thomas Board is up by 18% over last year, $330, 037.  Here's the breakdown of average sale price by area:

London South homes are up by 21.7% from 2016 to $340,793

London North home are up by 18.1% from 2016 to $407,801

London East homes are up by 16.9% from 2016 to $258,734

Low inventory was partially responsible for our rise in average home prices. Mind you, the influx of Toronto buyers was the reason for our high amount of buyers making it a bit of a vicious cycle in reality. The total number of listings were down by 1.2% from 2016, at 14,301 homes.  But most importantly, the active listings inventory was down by 35.6% over 2016, which is a huge deal.

The following table is based on data taken from the CREA National MLS® Report for November 2017.  This is how we stack up against other cities across Canada. 

Average Real Estate Prices in Canada's major Cities (December 2017)


London, On real estate Market Stats: NOVEMBER 2017

In the month of November, London St.Thomas Realtors® exchanged 637 homes, this is down by 13.6% over November 2016.  We, the agents of LSTAR (London St. Thomas Association of Realtors®) have sold a total of 10,780 homes years to date, this is up by 9.1% over 2016. Yay us!  

Paying close attention to the numbers, you will notice that we sold 637 of the 716 listings that were presented for sale this past month. This gives us a 89% list to sell ratio. Translated into layman's terms: it's a Sellers' market everyone! We could really use more listings, so if you or someone you know are thinking about selling their home, now is a great time with less supply and lots of demand.

Our average sale price across the London and St. Thomas board is now $322,303, this is up 11.6% over the same time last year. The average year-to-date sales price is up by 18.0% to $330,039. To put that into perspective, last year's year-to-date average was $278,758, which means the average sale price is up this year by $51,281.  

All the areas of London have seen significant gains over last year at the same time. The average sale prices of each area and it's percentage gain over last year, are as follows:

London South: $344,010 up 16.6%

London East: $255,518 up 7.9%

London North: $383.147 up 9.9%

St. Thomas: $260,763 up 19.4%

There were a total of 716 listings in November, which is down by 9.3% from last year. Like I said, Sellers' market! The graph below is sourced through LSTAR and based on CREA stats. As you can see London is an excellent value in comparison to other major areas.  

Average Home Prices in Canada - november 2017

*These statistics are prepared for  LSTAR by the Canadian Real Estate Association  (CREA) and represent a data snapshot taken on December 1, 2017, based on reported sales activity between November 1 and 30, 2017.

*These statistics are prepared for LSTAR by the Canadian Real Estate Association (CREA) and represent a data snapshot taken on December 1, 2017, based on reported sales activity between November 1 and 30, 2017.

Watch for your local Real Estate Agent (me!) on December 14th manning a Salvation Kettle near you.  I can be found at Metro, Trafalgar and Clarke Roads from 11:am - 2:pm. Come out and say Hi! 


London, On real estate Market Stats: October 2017

We, the agents of LSTAR, exchanged 757 homes this past month. That is down by 10.2% from the same time last year.  Although the month of October was a little slower, the year-to-date sales are up 10.6%, hitting a total 10,111 total homes sold. This marks the second consecutive year that residential sales have surpassed 10,000 across the region. If this were an anniversary, we'd send paper or cotton...weird right? 

LSTAR, during the month of October, launched the CoreLogic Matrix platform, 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®.  We experienced some bumps during this process, but are hopeful that it will turn out to be a useful data analysis tool.

The CREA Residential Market Activity Report provides more data, featuring an in-depth look at home sales trends happening across London and St. Thomas.

In October, the average sales price across London and St. Thomas was $325,331, up 14.2% from the same time a year ago, making it a great selling market (hint, hint!).  

The average year-to-date sales price in October 2017 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.”  

 

This is fantastic news for the neighbourhoods of east London.  Old East Village is fast becoming the 'where the cool kids live' neighbourhood.  Also see Trafalgar Heights and Fairmont.

In October, there were 847 listings, down 17% from the same time in 2016. 

The following chart is based on data taken from the CREA National MLS® Report for September 2017 (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.

Average Home Prices in Canada - October 2017

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London, On real estate Market Stats: September 2017

Sales Surpass 9,000 Homes Year-To-Date!

We had a rock solid September, exchanging 802 homes within the London St. Thomas Real Estate Board® area. This is the third consecutive year that we have exchanged more than 800 homes in the month of September. Yay us! Home sales for this September are a bit lacking compared to the previous year, but don't fret, we are still on track to achieve a record year overall. 

We sold a total of 646 detached homes this past month, a decrease of 9.8% from the same time the previous year. Condominium sales were up by 4.0% from September 2016, with 156 units sold. With house sales down and condo sales up, the market is suggesting that it is becoming more difficult for Buyers in the London & St. Thomas area to enter into the housing market for single, detached homes.

The average sales price across London and St. Thomas was $318,347, down only slightly from the previous month by 1.0%. The year-to-date sale price was $328,759, up 17.8% from 2016's average home price of $279,057. That's a respectable $50,000. rise in average home price in only a year! The number of listings were up by 3.3% over the same time in 2016 to 1,026. units. The increase in listings is great news for buyers, because more listings mean less multiple offers (something we saw our fair share of this past spring).

The total number of sales are ahead by 13.1% over last year with a total of 9,219 homes sold so far. Again, here's this month's most popular home styles, the two-storey, followed by the bungalow and ranch. It's always in this order...I'm beginning to think it's rigged! The average price for a detached home in September 2017 was $337,574, down 1.7% from the previous month, while the average price for a condominium was $238,730 up 2.0% from September 2016.  

Check out the graph below for a detailed look at how the average price has risen over the last year!

Average Residential Price (Detached Homes & Condos) - September 2017

London Ontario Real Estate Stats Average Sale Price September 2017

London, On real estate Market Stats: August 2017

Great News: The Real Estate doctors tell us we're healthy

Here's the stats: we, the agents of LSTAR (London St.Thomas Association Of Realtors®), exchanged 892 homes total this month. Compared to August 2016, this August has seen a slight decrease in home sale activity, but consider the red hot market of the spring, it's no surprise that things have tapered off a bit. 712 detached homes were sold this past month, a decrease of 11.4% over last year. Condo sales are down 7.7% from the same time in 2016, with 180 units sold. The average sale price across LSTAR territory is down from last month to $326,122 (a mere 1.4%). The average year-to-date sales price was $329,745, which is up 18.2% from the 2016 average home price of $279,057.  In August, there were 1,157 listings, down 9.3% from the same time last year. The year-to-date sales are ahead by 15.5% over last year, with a total of 8,421 homes sold this past month.

Well, here it is: the best selling house style is...(drum roll please)...the 2 storey comes in first place with 208 properties sold this month. Doesn't it suck when the same guy wins every race? in second place, the bungalow, with 165 sold. In third place, we have ranchers with 95 sold. The average price for a detached home in August was $343,541, down only by 1.9% from the previous month. The average condominium price was $233,965 for the month, down only by 0.2%.

Despite an overall increase in house prices for London, Ontario, we are still the best deal out there as far as the national average goes. Read it and weep: 

Average-home-prices-in-Canada-July-2017.jpg

London, On real estate Market Stats: July 2017

"Turn and face the strange...ch-ch-changes!"

Our super hot market of the spring has adjusted to a milder hot market as we settle into the dog days of summer. Agents in London and St. Thomas exchanged 1,002 properties in July, which means it has been the best July in 10 years, having sold 1,009 homes in 2007. 2007 was the year Rihanna was sharing her hit song, "Umbrella" and the movie Juno won Best Original Screenplay (yay Bleeker! Who doesn't love Michael Cera?).

Although we are only 7 months into the year, we have already outpaced 2016 by 20% year to date. There are still multiple offer situations happening all over the place, and out of town agents are shopping in our market, but not at the same rate as we saw in the spring. There are still 50% of listings selling at or above asking, averaging out at $21,771 over asking. It is common for our market to simmer in summer, but it hasn't been to the extreme that we are used to. 

Here's the breakdown: 
⁃ 793 detached homes were sold, a decrease of 1.7% 
⁃ 209 condos were sold, an increase of 14.2% 😳 
⁃ London, St. Thomas' average sale price is $326,122, down 2.7% from last month
⁃ The average year to date sales price is $330,718, up 18.5% over 2016
⁃ There were 1,449 listings in July, up 15% over the same time last year
⁃ Year to date sales are up over last year by 19.7%, a total of 7,535 homes have been sold 

And now, for the popularity contest! The best selling styles in order of units sold:

2-storey (223), bungalow (167), ranch (122), and townhouse style (108) receives runner up distinction.

If you felt, as a buyer, that you were squeezed out of the market in the spring, this may be your time to get in. Contact me if you are interested in jumping into the market.

London Ontario Real Estate Market Stats July 2017.jpg

London, On real estate Market Stats: June 2017

The London St. Thomas Association of Realtors® (LSTAR) has again surpassed all previous records for the month of June, since 1978. That was the year Gilligan and the gang were rescued from Gilligan's Island. I'd love to find that island! In the month of June, we sold 1,245 homes, an increase of 9.9% over June 2016. This is a smaller increase then the previous 5 months, showing signs of a softening market, but if you're a buyer, don't get too excited. It is still very much remains a solid seller's market.  

There are fewer (large number) multiple offer situations right now, showing that things are slowing down a bit versus what we have been seeing the last few months. We have broken records over the last 6 months consecutively, taking us to 23% over last year at this time. Markets in the Toronto area have shown a significant softening, so it will be interesting to see the effect on areas outside of Toronto.

Here is the breakdown for London in June 2017:

We sold 998 detached home (up 8.6%), 247 condominiums (up 15.4%) over last June. The average house price across London and St. Thomas is $335,233, down 2.8% from the previous month. The year-to-date average home price is $331,524, which is up over last year by 18.8% ($279,057). In the month of June, we had 1398 listings, up by 9.0% over last year. We have reached a total sales, year-to-date of 6,542, which is up 28.8% over last year. 

The best selling home styles is as usual, in order: 2 storey, bungalow, and ranch.

London Ontario Real Estate Stats June 2017
London-Ontario-Average-Residential-Price-June-2017.png

Average Residential Prices (not including Condos).

As you can see, the price is up by 21% from last year. However, London still offers affordable prices in comparison to the average price in Canada.

London home prices are still well below the average in comparison to the rest of Canada. The average price in Canada (as of May 2017) was $508,169. To put it into perspective, the average price for a place in Toronto is $812,630. London remains a very affordable and appealing option for those who can make the move. For more insight on the market or buying and selling your home, feel free to contact me.  


  

London, On real estate Market Stats: May 2017

You've likely never seen agents running at this speed before! During the month of May, we exchanged a total of 1,539 homes, an increase of 33.4% over May of 2016. These have been our best results ever for May and the highest monthly home sales total EVER recorded, since LSTAR began tracking data in 1978. Back in 1978, Trudeau was Prime Minister (Justin's father, Pierre Elliott Trudeau). This is our fifth consecutive record breaking month, so if your real estate agent, mortgage broker and lawyer all seem tired, they are! We are still seeing multiple offer scenarios and interest from outside the region, firing up our local economy.

Year-to-date home sales are already 27% ahead of 2016. In May, a total of 1,209 detached homes were sold, an increase of 28.6%, while there were 330 condominium sales, up 54.2% over May of 2016. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057. The City and local home builders are working closely to bring more permit-ready residential lots in the second half of the year, as a means of trying to reduce market pressure. In May, there were 1,985 listings, up 15.5% from the same time in 2016. The year-to-date sales are already outpacing last year by 27.0%, with a total of 5,307 homes sold. Winners of the best-selling house style in May is, in order: two-storey, bungalow and ranch. The average price for a detached home in May was $372,163 (down 0.1% from the previous month), while the average price for a condominium was $244,619 (down 1.4% from the previous month). This small detail signifies a small adjustment towards a more balanced market, but still to the sellers side of the market. 

 

According to a research report, one job is created for every three real estate transactions, and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. In other words: #RealEstateRocks for London, Ontario's economy.


London, On real estate Market Stats: April 2017

April was another record breaking month with a total of 1,220 homes sold, an increase of 14.2% over April of 2016!  Best EVER April or at lest since 1978 when we first started tracking stats. Did you know that a dozen eggs would cost you only about 45 cents in 1978? It's true! Every month so far in 2017 has broken all previous records. There's never been a busier time for Real Estate Agents. We are about 25% ahead in home sales over 2016 in the first four months of this year alone.

Here's the breakdown:

  • 971 detached homes, increase of 11.7%

  • 249 condominium sold, up by 25.1%

London was already going to have low level of inventory (the number of listings for sale) for this year, but the current market has been exacerbated by unattainable housing prices in 'The 6' (the Greater Toronto Area) and the government's attempts slow that market down. Simply put: buyers are looking for alternatives and finding London, Ontario a great place to live! The average house price in London and surround is now $347,062, up by 5.4% (wasn't it $329,218 just last month? What!?). The current market conditions can make it very challenging for Buyers, but is also potentially very lucrative for Sellers, with a number of listings going for well over asking price. 

Interested in knowing what your property could sell for in this new London market? Contact me to find out through my FREE, no-obligation home evaluation or email me directly today.

Active listings: April 2017


London, On real estate Market Stats: march 2017

London has experienced another record month with 1,242 homes sold, up 44% over March 2016. This has been the best EVER March since we started keeping track 1978 (the same year Bee Gee' "Saturday Night Fever" album was #1 for 24 weeks). The London Real Estate market is in a Fever! Year to date sales in London and the St. Thomas area are up by 30.4% over 2016. 

This is how the sales breaks down in comparisons with 2016:   

  • 1006 detached homes, up 46.9%

  • 236 condominium, up 34.9%

  • average sale price is $329,218, up 12.8% (and up 6.9% over last month! 😳)

  • average price of detached houses only up 8.5% over last month, $355,651

  • average price of condominiums down 8.3%, $216,539

Part of this strong Sellers market is due to the lack of listings, down by 7.9% compared to the same time last year. Just check out the chart below. We are also attracting the attention from Buyers unable to buy in other, high priced real estate markets like Toronto.

Active listings: March 2017

As you can see, March 2017 has seen a sharp drop in the number of active listings, which is part of what is leading to a Seller's market.

As you can see, March 2017 has seen a sharp drop in the number of active listings, which is part of what is leading to a Seller's market.

Here's what things are looking like on the ground: 61% of listings in March sold for at or over asking. As of March 15th, these listings have sold for an average of 5.6% over asking, and I have personally seen some properties going for well over $50,000 over asking. It all depends on what Buyers are willing to pay, but it's safe to say that this is has been an unprecedented past few months for the London real estate market. If you are thinking of selling your home, as you can see, we are at record-low inventory. Check out my home evaluations page or get in touch with me directly to start the process.


London, On real estate Market Stats: February 2017

Swing batter, batter, swing batter, batter!  And it is out of the park!  

February was another record breaking month, surpassing all February's since we started to keep records in 1978, the same year that the first ever Cellular Mobile Phone was introduced in Illinois (why Illinois, right?). We exchanged 763 homes in February, which is up 17% over the same time last year. Year-to-date, we are 19.5% over 2016 in total sales. We are suffering with extremely low inventory of homes (calling all Sellers!) and also have a high demand when it comes to Buyers. I believe that some of this demand is coming from Toronto and The Six, where many Buyers have long since been priced out of the market and are ready to move to a more affordable housing market. Those who can make the move are doing so now. Out of the 763 homes that sold, 597 were detached single family homes (a 15% rise) while 166 were condos, a rise of 24.8% both over February, 2016. Our average sale price is now broken the $300,000 mark and sits at $307, 831, up 7.9% over January. The market is moving quickly, so check back for my next market update early April. 

To understand just how low our inventory is at the the moment,

check out the graph below:

Active Residential Listings - February 2017

Check out the sharp decline in number of listing compared to last year! As you can see, it's the lowest inventory in a very long time.

Check out the sharp decline in number of listing compared to last year! As you can see, it's the lowest inventory in a very long time.

If you are looking to sell your property, get in touch. While every listing is different, there are a lot of properties going for asking or above asking price.


London, On real estate Market Stats: January 2017

Well, if you haven’t heard by now: the Real Estate market in London, Ontario is HOT! But, for those in the forest city, this is probably stating the obvious. Every one is talking about how the London, Ontario real estate market has completely taken off.

The LSTAR (London St. Thomas Association of Realtors®) first started tracking data way back in 1978 (at that point, I was 12 years old - a little young to start selling real estate). In all the years of tracking the real estate stats, we have never had a busier January. It’s not a given that every year will top the last, but this one has certainly topped them all. We (agents of LSTAR) exchanged a total of 574 homes, which is 26.2% higher than last year.

 

We have an uncommonly high demand for listings and, sadly, inventory is at a record low as well.

if you're thinking of listing your house and want to sell fast, this is the time.

Active listings: January 2017

They say a picture says a thousand words...well, so does a graph. Check out the sharp drop in the number of listings!

They say a picture says a thousand words...well, so does a graph. Check out the sharp drop in the number of listings!

 

The number of listings available this past January was down by 12.2%, and we were feeling it. Many listings have been sold in multiple offer situations and reaping well over asking. In fact, 434 detached homes were sold this past month, up by 15.1% and 140 condominium sold, up a whopping 79.5%, both over last January. Take that 2016!

London, Ontario's average sale price is now $285,418, up 0.5% from just the month before. The large rise in condo sales can be attributed to our population growth, the low inventory of homes, and the higher need for housing in the core of the city. As you can see in the table below, 2-storey homes win the overall popularity contest, with 128 units sold.

London, Ontario Real Estate Market Stats - January 2017

London, Ontario Real Estate Market Stats - January 2017

In this market, it’s no surprise that prices are up: detached homes rose to $313,879 (up 2.3%) and condos to $197,190 (up 2.8%), both over December. There is no reason to believe that this trend of low inventory and high demand will change any time soon. Let's just say, we’ve got a busy year ahead of us!

 

 

London, On Real Estate Market Stats: December 2016

Here is a quick breakdown of the stats as of Dec 31, 2016

- We are currently in the strongest Sellers market since 1988

-2016 was a historic year, with a total of 10,193 homes sold.  Up 8.8% over 2015

- Average home prices have increased year over year by a moderately healthy 4.9%

- Listing Inventory is relatively low and stable at 2.6 months of inventory.

- Average days on market is slowly inching its way up from a low of 24 days in May to 31 days at the end of September.

- New listings coming on the market is at its lowest level since 2005.

- "Active listings" is sitting at 2107 units the lowest level since 2003.

 

Royal LePage Triland continues to lead the market

$ volume Market Share in London Royal LePage  14.4%  next competitor  12.5%

Market Share Listings in London - Royal LePage  14.6% next competitor 11.7%

For more information and greater detail please review our graphs to the right.