2019 proved to be not only a solid year for real estate in the London-St. Thomas area, but also the third best year for sales activity since the Association began tracking its performance back in 1978.
469 homes traded hands in LSTAR's jurisdiction in December, which brings the total number of 2019 residential transactions recorded via MLS® to 10,125 - up 3.4% over 2018. This is only the third time that sales surpassed 10,000 units. It happened for the first time in 2016 and then again in 2017, a record year with more than 11,000 home resales.
"For the local REALTORS®, 2019 started strong and continued on the same note, with three monthly records in July, October and November," said 2019 LSTAR President Earl Taylor. "For the most part of the year, LSTAR's overall sales-to-new-listings ratio hovered around the 70% mark. However, toward the end of the year its value jumped significantly, to reach 110.1%. This means that Sellers have the upper hand in home sales negotiations here. It also speaks to the high buyer demand and the lack of local housing supply," Taylor explained.
Overall, the December average home price was $426,539, up 15.1% compared to December 2018. The year-to-date average home price in LSTAR's jurisdiction sits at $409,858.