Thursday, April 4, 2019

March home sales cap a strong first quarter for 2019

London and St. Thomas Association of REALTORS (LSTAR) announced 814 homes* were sold in March, up 0.4% over March 2018. The number of home resales was right on par with the 10-year average and March was the third consecutive month to post gains over sales one year ago. 

"We've had a very strong start to the first quarter of 2019, with steady home sales all across our region," said Earl Taylor, 2019 LSTAR President. "Just three months into the year, there have been 1,939 home resales, which is an increase of 6.0% over the same period last year. If you're considering listing your home in the marketplace, it's a great time to get in touch with your local REALTOR." 

One of the trends in March was the increase in inventory (called active listings) that was felt in several regions. "Overall, we saw 1,411 active listings in the marketplace, which is 14.5% more than March of 2018," Taylor said.  

Average home sales price continued to make steady gains in the five major areas of LSTARs jurisdiction. In London, the March average sales price was $416,085, up 12.7% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $405,956, an increase of 11.3% over March 2018. 

Sales in the Grand Bend area have been very active and there is still a shortage of listings but with the spring  just around the corner we are hoping for more properties to come on the market.

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