Wednesday, March 10, 2021

Strong Home Sales Continue in February

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. 

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