Home Sales Remain Solid in October

 The London and St. Thomas Association of REALTORS® (LSTAR) announced another strong month for home sales in October, with 865 homes exchanging hands. Although down 7.1% compared to the same time a year ago, sales represent the second-highest number of homes sold in the month of October since 1978.

"During the fall season, the sales activity in LSTAR's jurisdiction has been well above the 10-year average," said Jack Lane, LSTAR 2021 President. "High demand and low supply continue to make this a very competitive marketplace. If you're considering listing your home or purchasing a home, your local REALTOR® is the best resource to help navigate through this ever changing marketplace."

An important area to highlight is inventory, which shows how long it would take to liquidate existing inventories at the current rate of sales activity.

"At the end of October, there were only 0.6 months of inventory, which is lower than the 0.9 months of inventory reported in the same period a year ago," Lane said. "To put it in perspective, about four months of inventory would represent a balanced marketplace.

The low supply levels continue to affect the benchmark and average sales prices. In October, the overall average home price for LSTAR was $672,328, while the LSTAR composite MLS® HPI benchmark price sat at $613,900.

The single-family home remains on top of the local buyers' preferences, with 649 sales in October. The table below shows the October benchmark prices for all housing types in LSTAR's jurisdiction and how they stack up against the values from a year ago.

MLS® Home Price Index Benchmark Prices
Benchmark Type	October 2021	Change over October 2020
LSTAR Composite	$613,900	↑ 33.3%
LSTAR Single-Family	$664,600	↑ 34.4%