Strong Home Sales Continue in November
London and St. Thomas Association of REALTORS® (LSTAR) announced
746 homes were sold in November, up 6.7% over November 2017. The number of home
resales was the second highest total ever for November since LSTAR began
tracking data in 1978. November 2016 holds the record with 749 home resales,
only three more than November 2018.
"In November, we saw more positive signs with new listings
in the marketplace, which contributed to the robust sales activity," said
Jeff Nethercott, 2018 LSTAR President. "November had 898 new listings, an
increase of 17.5% over the same month last year.
Average sales price also made steady gains in the major
geographic areas in London. In London North, the average sales price was
$482,202, up 24.4% from last November and up 62.4% compared to the same month
five years ago. It’s an increase of 98.7% compared to the average sales price
in 2008.
"Similar to
October, we saw inventory (what is called active listings) making slight gains,
despite the overall record low inventory that dominated our marketplace this
year," Nethercott said. "Last month, LSTAR's jurisdiction had 1,391
active listings, up 7.6% from November 2017. The sales-to-new listings ratio was
83.1%, which the Canadian Real Estate Association (CREA) says represents
conditions in the marketplace that favour sellers (a ratio between 40% and 60%
is generally consistent with a balanced market).
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