Friday, April 3, 2020
Tuesday, March 17, 2020
Sunday, March 15, 2020
Thursday, March 5, 2020
Last month, local residential real estate transactions remained at peak levels, with 740 homes trading hands in LSTAR's jurisdiction - only 22 less than three years ago, when the Association had its best February sales ever.
"Overall, home sales took a leap over the previous month - from 568 to 740, which signals an early start of a busy spring market," said 2020 LSTAR President Blair Campbell.
Compared to a year ago, the local residential sales activity saw a 23.7% increase, while the overall average home price experienced a 13% surge, rising to $445,535 in February.
"Even though the number of LSTAR new listings grew to 1,034, which is almost on par with the 10-year average, the number of active listings at month end was still much lower than normal. This reflects the strong demand for residential properties in our area," stated Campbell.
Inventory is another important measure of the balance between sales and the supply of listings. This shows how long it would take to liquidate existing inventories at the current rate of sales activity. At the end of February 2020, there were only 1.8 months of inventory across the entire LSTAR district - the lowest level in the last ten years.
"Looking at the home sales activity in LSTAR's five main regions, it's interesting to see that three of them - Elgin County, Middlesex County and Strathroy - had their second best February ever. London witnessed its third best February with 488 home sales, while St. Thomas set a new absolute record for February home sales, with 68," Campbell noted.
Saturday, February 29, 2020
Saturday, February 8, 2020
LSTAR REALTORS® started the year with a bang, as the house sales in the London - St Thomas area saw their second best January since 1978, when LSTAR started tracking its markets' performance.
568 homes exchanged hands last month in our jurisdiction - only two shy from the same period in 2017, which still holds the absolute record for January residential real estate transactions.
The average home price for the region was 437,197, 13.9% higher than a year ago and 48.2% over January 2017. "When compared to January 2010, the percentage of price growth is a whopping 95.2%, which means that the value of homes in our area has almost doubled in the last ten years," said 2020 LSTAR President Blair Campbell.
"Despite the high number of home sales and the sky-rocketing house prices, the number of new listings that hit the local market in January 2020 saw a 9.4% increase over last year, which brought last month's sales-to-new-listings ratio to 60.5%. This increase in listings for the month is fantastic as the lack of inventory has been a significant concern over the past two years," he added.
Inventory is another important measure of the balance between sales and the supply of listings. This shows how long it would take to liquidate existing inventories at the current rate of sales activity. At the end of January 2020, there were 2.2 months of inventory across the entire LSTAR district - the lowest level in the last ten years.