The London and St. Thomas Association of REALTORS® (LSTAR) announced 1,296 homes exchanged hands in March, an increase of more than 56% compared to the same time a year ago. The total sales are the highest recorded for the month of March since the Association began tracking data in 1978.
"We've experienced a very robust start to the first quarter of 2021, with the seventh consecutive month of record sales," said LSTAR 2021 President Jack Lane.
Low supply and high demand continue to affect the average sales price across the major areas of LSTAR's jurisdiction.
At the end of March, there were 0.4 months of inventory, lower than the 0.6 months of inventory reported at the end of February. Out of the five main areas, St. Thomas and Strathroy had the lowest housing supply, with only 0.3 months of inventory. Elgin had the highest supply with 0.7 months."
Single-family homes were the most popular housing type sold in March, with 941 sales. The table below shows the March benchmark prices for all housing types and how they stack up against the values from a year ago.
|MLS® Home Price Index Benchmark Prices|
|Benchmark Type||March 2021||Change over March 2020|
|LSTAR Composite||$566,000||↑ 36.2%|
|LSTAR Single-Family||$625,300||↑ 41.3%|
|LSTAR One Storey||$555,100||↑ 35.0%|
|LSTAR Two Storey||$698,300||↑ 46.2%|
|LSTAR Townhouse||$419,300||↑ 26.9%|
|LSTAR Apartment||$286,500||↑ 3.2%|
"The record March home sales could translate into more than $94 million back into the local economy within the next few years," Lane said. "The business of real estate is a huge contributor to getting the economy back on track, as all sectors continue to manage the impacts of the COVID-19 pandemic."