LSTAR Home Sales Set New Monthly Record
LSTAR home sales set a new record in July, with 1,275 homes exchanging hands throughout the month in the Association's jurisdiction.
"This was not only the best July for LSTAR, but also for London, which saw 856 residential real estate transactions, a number that is way above the values typically recorded during this summer month," said 2020 LSTAR President Blair Campbell.
Overall, there were 1,408 new listings last month, on par with the 10-year average, but the inventory decreased to 1.1 months - its lowest value in the last decade.
"Now, the sales-to-new listings ratio for our entire area is a whopping 90.6%, a figure that clearly indicates a Sellers' Market," observed Campbell. "Even more so in London, where this ratio reached 92% last month," he added.
"These leaps in statistical values might sound unbelievable, especially now, in the middle of the COVID-19 pandemic. But they can be explained, if one takes into account the strength of local real estate market at the beginning of this year and the pent-up demand created during the lock down months," Campbell emphasized.
The overall average home price increased to $484,884 in July, an increase of 19.6% over a year ago. This average sales price includes all housing types - from single detached homes to high-rise apartment condominiums. All five major areas across LSTAR's region witnessed gains in their average home sales price.
According to a report by the Canadian Real Estate Association, last month, in London, the median number of days that a home was on the market was 10 - down from 14 days in July 2019.