The London and St. Thomas Association
of REALTORS® (LSTAR) announced 824 homes exchanged hands in February,
achieving another monthly record for residential sales. Sales were up more
than 19% compared to the same time a year ago, marking the best results ever
for February, since the Association began tracking data in 1978.
"This is the sixth consecutive
month of record sales, demonstrating just how strong the housing
marketplace is right now," said LSTAR 2021 President Jack Lane.
"Because of the low supply and high demand, we continue to see
increases in average sales price across the entire region."
Another important measure is the
sales-to-new listings ratio. "In the month of February, the ratio was
83.3% for LSTAR," Lane said. "A ratio between 40% and 60% is
generally consistent with a balanced market, again demonstrating how robust
the marketplace is. For those interested in selling their home, it's an
opportune time to get in touch with a local REALTOR®."
Despite the increases, homes in
LSTAR's jurisdiction continue to remain relatively affordable when compared
to houses from some other major Ontario and Canadian centres.