The London and St. Thomas Association of REALTORS® (LSTAR) announced 854 homes exchanged hands in November, achieving another monthly record for residential sales. Sales were up more than 33% compared to the same time a year ago, marking the best results ever for November, since the Association began tracking data in 1978.
"This is the third consecutive month of record sales,
demonstrating how robust the housing marketplace is right now," said LSTAR
2020 President Blair Campbell. "We continue to see increases in average
sales price across the region in a market with historically low supply."
Inventory is an important measure of the balance between sales
and the supply of listings, illustrating how long it would take to liquidate
existing inventories at the current rate of sales activity.
"At the end of November, there were 0.7 months of inventory
across the entire LSTAR jurisdiction, which is the lowest level in the past 10
years," Campbell said. "Out of the five main areas, St. Thomas had
the lowest level at 0.5 months of inventory, while London was at 0.6."
Another important measure is the sales-to-new listings ratio. It
was 108.4% for LSTAR, which 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). LSTAR's five areas
all recorded sales-to-new listings ratios over 100%, with the highest seen in
Elgin County at 121.4% and St. Thomas at 113.8%.
The following table shows last month's average home prices by
area and how they compare to the values recorded at the end of November 2019.
|
Area |
November 2020 Average Sale Price |
Change over November 2019 |
|
Elgin County |
$491,987 |
↑ 13.6% |
|
London |
$541,377 |
↑ 29.9% |
|
Middlesex County |
$604,212 |
↑ 24.8% |
|
St. Thomas |
$426,906 |
↑ 28.4% |
|
Strathroy |
$591,473 |
↑ 29.2% |
|
LSTAR |
$536,178 |
↑ 28.8% |
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