Thursday, September 23, 2021
Wednesday, September 22, 2021
Thursday, September 16, 2021
Thursday, September 9, 2021
925 homes traded hands last month via LSTAR's MLS® system, marking the second best August for home sales since LSTAR started tracking data, back in 1978. However, the pace of sales was slower than in August 2020, with the median number of days spent by a home on the market sitting at 9, compared to only 8 days last year.
"The number of August residential transactions decreased by 4.3% over the same period last year, but, despite this slight change of pace, average and benchmark prices continued to climb," said 2021 LSTAR President Jack Lane. "The overall average home price in LSTAR's jurisdiction for August 2021 was $620,002, and the composite benchmark price - $586,800. These increases were undoubtedly caused by the very low housing supply and the sky-high demand," he added.
"Beside prices, when analyzing the market activity in LSTAR's five main regions, we are also looking at the Sales-to-New-Listings ratio recorded in each region. The higher this ratio is, the more that region favours Sellers," he pointed out. "Currently, all LSTAR's regions are firmly anchored in Sellers' territory, with London seeing the highest ratio - 94.6%, followed by St. Thomas - with 90.1%," he emphasized.
In total, LSTAR saw 1,020 new listings last month, 1.4% less than in August 2020. The overall number of months of inventory continued to decrease, reaching a new record low at the end of August: 0.6. "This means that, at the current rate of sales activity, it would take less than a month to liquidate the entire existing housing inventory of LSTAR," Lane explained.
Tuesday, September 7, 2021
Friday, September 3, 2021
Wednesday, August 25, 2021
Friday, August 20, 2021
Tuesday, August 10, 2021
Thursday, August 5, 2021
The London and St Thomas Association of REALTORS (LSTAR) reported 993 homes sold last month in its jurisdiction. "Even though this represents the second highest number of home sales recorded via LSTAR's MLS system for the month of July, this value is more in line with our pre-pandemic figures, which suggests that our market may be stabilizing," said LSTAR 2021 President Jack Lane.
LSTAR's overall average sales price was $614,913 in July 2020, 26.6% over the same period last year.
"July's average sales price was slightly lower than the year-to-date value, which reflects the moderating trend seen across the country, reinforcing, at the same time, the idea that our local real estate market is starting to level off. However, the high demand for housing and the historically low inventory levels that we are currently experiencing still make for a robust housing market, where the Sellers have the upper hand," Lane added.
Friday, July 30, 2021