Saturday, December 31, 2022
Monday, December 19, 2022
Friday, December 16, 2022
Wednesday, December 14, 2022
Wednesday, December 7, 2022
Local Housing Market's Correction Continues
451 residential properties exchanged hands last month through the Multiple Listing Service® (MLS®) System of the London and St. Thomas Association of REALTORS® (LSTAR), 44% less than in November 2021. LSTAR Members' home sales included 336 single family homes, 64 condo townhouses, and 36 apartments - all significantly down from a year ago.
"In the last two years, the local housing market's frenzy was artificially fueled by the socio-economic climate of the pandemic. Now, that the socio-economic conditions are completely different, the local housing market is in correction mode," said Randy Pawlowski, 2022 LSTAR President. "The market is especially affected by the Bank of Canada's interest rate hikes, which intensify buyer reluctance and weaken people's purchasing power," he added.
While residential transactions were at their lowest point in the last decade, the number of new listings climbed to 875 in November, a new record high for the eleventh month of the year. This increased the level of the local housing inventory, which sits now at 3.3 months.
"The housing demand is still high in our area, and with the increased levels of inventory, local Buyers have now more choices and time to shop for new homes. However, the uncertain economic conditions are keeping many prospective Buyers on the sidelines," Pawlowski observed.
Compared to a year ago, the average home price decreased, but remained higher than the figures seen in 2020 and before. LSTAR's overall average home price was $615,247 in November, 7.8% less than a year ago, but 13.8% higher than in November 2020. On the other hand, the composite MLS® Home Price Index (HPI) Benchmark Price was $575,500 last month, 10% down from last year, and also 9.8% lower than in November 2020.
Friday, December 2, 2022
Thursday, December 1, 2022
December Newsletter ~ It's Beginning To Feel A Lot Like Christmas
Tuesday, November 29, 2022
Tuesday, November 22, 2022
Wednesday, November 16, 2022
Tuesday, November 15, 2022
Tuesday, November 8, 2022
Friday, November 4, 2022
Thursday, November 3, 2022
LSTAR's News Release for OCTOBER 2022
Rising Borrowing Costs Further Soften Local Home Sales
In October 2022, the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) saw 975 new listings and 504 home sales. While October's new listings were on par with the average value recorded for the month of October throughout the last decade, the monthly home sales were at their lowest point in the last ten years.
"This year's successive increases in interest rates put a big dent in the local home sales activity and made the year-over-year price values plunge. However, it's not all bad news: LSTAR's sales-to-new listings ratio increased from 42.4% in September to 51.7% in October, which indicates a more balanced market. Moreover, the overall average home price in the London-St. Thomas region was a bit higher in October than during the previous month, increasing from $635,256 in September to $640,570 last month," said 2022 LSTAR President Randy Pawlowski.
Compared to a year ago, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price edged slightly down but remained higher than the figures seen in 2020 and before. LSTAR's overall average home price was $640,570 in October, 4.1% less than a year ago, but 21.7% higher than in October 2020. The composite MLS® HPI Benchmark Price sat last month at $584,200, 2.1% lower than last year, but 26.1% higher than in October 2020.
Tuesday, November 1, 2022
November Newsletter ~ The PEDLAR Team Update