Home sales remain steady in December

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."