|
Last month 335 homes
exchanged hands via the MLS® System of the London and St Thomas
Association of REALTORS® (LSTAR), bringing the total number of
residential properties sold in 2023 in our area to 6,717.
"2023 was the year with
the lowermost number of units sold in LSTAR’s jurisdiction since we
entered the new millennium," said 2023 LSTAR Chair Adam Miller.
"This record low was caused by the high borrowing costs, which are
weighing down heavily on the local consumers’ buying power," he
added.
Out of the 335 properties
sold in December, 248 were single-family homes, 58 were townhouses, and
27 – apartments. “In 2023, LSTAR Members sold 5,006 single-family homes,
1,078 townhouses, and 552 apartments,” Miller emphasized.
The number of newly listed
properties dropped from 928 in November to 386 in December. Despite the
significant monthly decline, this number is still in line with LSTAR’s
ten-year average for new listings for the month of December.
"Our December data
appears to indicate that some sellers are opting to delay their plans
until the spring. Despite this, there are still quite a few individuals
actively participating in the market. For more insights and expert
guidance on how to navigate the current real estate landscape, we
encourage you to connect with a local REALTOR®," Miller said.
In December, our local real
estate market experienced a few other noteworthy changes in key
parameters.
Housing supply saw a minor
monthly decrease, moving from 4.7 months in November to 4.4 months in
December.
The average home price for
the entire LSTAR jurisdiction reached $628,047 in December, showing a
modest increase from the November figure of $605,661. However, the
Composite MLS® Home Price Index (HPI) Benchmark Price sat at $571,200,
marking a slight dip from November's $577,400. Year-to-date, LSTAR’s
overall average price settled at $647,190.
|
No comments:
Post a Comment