|
The real estate market in
the London and St. Thomas area showed mixed results in August. Sales activity
declined, with 577 homes sold, marking a 6.0% drop from the same month last
year. The average sale price also decreased by 4% to $629,500. However, active
listings saw a 19% increase compared to August 2023.
LSTAR Chair Kathy Amess noted, “Despite the fluctuations in sales activity,
average price and dollar volume, the increase in new and active listings
indicates a more balanced market, providing more opportunities for buyers and
sellers alike.
There are lots of opportunities for buyers in this market, which in turn
benefits our sellers. Additionally, with the Bank of Canada lowering its key
interest rate to 4.25% today, we anticipate a potential boost in market
activity as borrowing costs decrease.”
The table below displays August average prices and MLS® HPI Benchmark Prices
in LSTAR's main regions supplied by the Canadian Real Estate Association
(CREA).
|
No comments:
Post a Comment