529 home sales were recorded by the London and St Thomas Association of REALTORS® (LSTAR) via its MLS® system in the first month of 2022, thus marking the Association's second best January for home sales ever. During the same month, the local real estate market saw 669 new listings, out of which 286 were still active at month end.
"Despite the fact that slightly more new listings came on the market, there were only 0.5 months of inventory available at the end of January," said 2022 LSTAR President Randy Pawlowski. "In other words, at the current pace of sales, the entire listing inventory of LSTAR could be liquidated in just two weeks, something that we have never seen before," he explained.
The extraordinary buyers' demand combined with the severe shortage of housing supply continues to favour home sellers and to exacerbate home prices. "At the end of January, LSTAR's overall sales-to-new-listings ratio was 79.1%, 5.9% lower than a year ago, but the LSTAR average home price climbed to $793,222 - almost $90,000 higher than in December 2021 and more than double the value recorded back in January 2019," Pawlowski added.