London and St. Thomas Association of REALTORS® (LSTAR) announced
439 homes were sold in December, up 2.1% over December 2017 and right on par
with the 10-year average. The number of home resales for the year was 9,799,
down 13.3% compared to 2017, which set a record year for residential real
estate.
"One of the trends that stood out in December was the sales-to-new
listings ratio, which was 108.1% across the region," said Jeff Nethercott,
2018 LSTAR President. "It's a statistic 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). In
London, the sales-to-new listings ratio was 119.7%, while in St. Thomas it was
100.0%."
December also saw average home sales price make steady gains in
LSTAR's jurisdiction. In London, the average sales price was $375,782, up 13.4%
from last December.
"Overall, it was a very solid year for home resales in
London and St. Thomas," Nethercott said." The activity in 2018
performed well above the 10-year average, despite the record low inventory
levels seen in the marketplace the entire year. As we kick off 2019, I believe
home sales will continue to be strong and be a driving force to the local
economy."
