“While home sales are down compared to the record breaking total in 2017, they remain at par with the 10-year average,” said Jeff Nethercott, 2018 LSTAR President. “However, home prices continue to rise across the region as we continue to see a much lower level of homes available for sale than the last few years.”
The average April sales price in the region was $367,433 up 5.0% over April 2017 and up 33.6% over April 2016. By geographic area, London South was $375,031 up 0.9% from last April. In London North, average home sales price was $454,847 up 7.3% compared to the previous year, while in London East, it was $306,469 an increase of 14.1% from April 2017. In St. Thomas, it was $285,316 up 7.7% over last April.
“For the last few months, the marketplace has been challenged with low inventory, and that trend continued in April,” Nethercott said. “In April, there were 1,401 active listings, down 13.9% from this time last year and down 50.6% from April 2016. The sales-to-new listings ratio was 70.9%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers. As the spring season ramps up, this may be an opportune time to get in touch with your local REALTOR® if you’re considering selling your home.”