Tuesday, January 18, 2022

2021 - A Record Year for Condo and Apartment Sales

With 530 homes exchanging hands last month, LSTAR REALTORS® wrapped up 2021 by recording their second best December for residential transactions since the Association started tracking data, back in 1978. This brings the total number of homes sold last year in LSTAR's jurisdiction to 10,964.

"2021 proved to be a very strong year for us, with the overall number of home sales approaching the 11,000 mark," said 2021 LSTAR President Jack Lane. "The COVID-19 pandemic, which forced numerous people to work from home for most of this year, continued to fuel our local housing market, bringing the inventory levels to historic lows and pushing the home prices up."

At the end of December 2021, there were only 175 active listings on the Association's MLS® system, with only 0.3 months of housing inventory left. The Aggregate Composite Benchmark price for the entire London-St. Thomas area was $657,600 - 37.5% higher than in December 2020, while the overall LSTAR average price sat at $707,219 - up 27.6% from a year ago.

"In 2021, the single-family home remained the favourite of the local home buyers, with 8,125 units sold year-to-date. However, 2021 was a record year for both condo and apartment sales, thanks to the 1,364 condo townhouses and 1,009 apartments that traded hands during the last twelve months," Lane said.

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