Local real estate market shows signs of stabilization in May

 

London and St. Thomas Association of REALTORS® (LSTAR) announced 1,146 homes exchanged hands last month in its jurisdiction, 1% less than in May 2018 and 26% down from May 2017, which was a record-setting month - with 1,549 homes sold. The number of active listings for the same area sat at 1,855 in May, with most LSTAR regions seeing year-over-year increases, with the exception of London East and St. Thomas, where this number decreased.

"Some of the May figures show signs of market stabilization, with London North, Elgin County and Middlesex County entering a more balanced territory," said Earl Taylor, 2019 LSTAR President.

According to reports by the Canadian Real Estate Association (CREA), last month, in London, the median number of days spent on market by the London residential properties was eight. In Elgin County, the median number of days on market was 22, in Middlesex County - 15, while in St. Thomas and Strathroy was 13. "This proves how dynamic the London real estate market is in comparison with its neighbouring regions," Taylor emphasized.

Overall, the average home price in the Association's jurisdiction was $414,878. This represents a slight decrease from April 2019, but it's 13.3% up over May 2018.

Area	May Average Sale Price
Elgin County	$345,783
London	$423,470
Middlesex County	$487,421
St. Thomas	$363,947
Strathroy	$364,580
LSTAR	$414,878