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.