Monday, May 29, 2023
Thursday, May 25, 2023
Tuesday, May 23, 2023
Friday, May 19, 2023
Wednesday, May 10, 2023
Wednesday, May 3, 2023
Growing Demand and Low Inventory Fuel Home Price Gains
In April 2023, 964 new properties came on the market and 723 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR).
"Since the beginning of 2023 we've been noticing steady month-over-month increases in the number of home sales and prices, which indicate that the property demand and the housing supply issue are still there. Both of these are also demonstrated by the sales-to-new-listings ratio, which sky-rocketed in April, and by the dwindling housing inventory," said 2023 LSTAR President Adam Miller.
The overall sales-to-new listings ratio for the entire London-St. Thomas area climbed from 63.5% in March to 75% in April, while the inventory plunged from 2 months in March to only 1.8 in April.
"Out of the five main regions of LSTAR, the city of St. Thomas was the one with the lowest number of properties available for sale, with only one month of housing inventory in April," Miller emphasized.
"In their turn, the low inventory and the growing housing demand are putting upward pressure on the local average and MLS® HPI Benchmark Prices," Miller added.
In April 2023, in the jurisdiction of LSTAR, the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price were lower compared to the same month in the previous year, by 13.6% and 17.1% respectively. However, both these figures were higher than those seen in the previous months. The average home price for LSTAR in April 2023 was $664,149, while the composite MLS® HPI Benchmark Price was $607,200.
Friday, April 28, 2023
Wednesday, April 19, 2023
Monday, April 17, 2023
Friday, April 14, 2023
Tuesday, April 11, 2023
Monday, April 10, 2023
Thursday, April 6, 2023
Local Housing Market Tightens
In March 2023, only 1,079 new residential listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). This makes last month the March with the third lowest number of new listings in the last decade.
The number of residential transactions for the month stood at 685, thus marking the lowest number of home sales seen by LSTAR in March since 2014. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR jumped to 63.5%, and the inventory fell from 3 months in February to only 2 in March.
"The market downturn caused by the rising borrowing costs has created a window of opportunity for buyers to enter the market at a potentially lower price point, but the lack of inventory remains a concern. The coming months will be crucial in determining if the current trend continues, or if there will be a rebound in the market," said 2023 LSTAR President Adam Miller.
"Despite the ongoing economic uncertainty, the figures recorded by LSTAR in March indicate a tightening of the local real estate market, which is also reflected in the average and HPI benchmark prices observed across the region," Miller added.In March 2023, the average home price and composite MLS® Home Price Index (HPI) Benchmark Price in the jurisdiction of LSTAR were significantly lower compared to the same month in the previous year, by 20.6% and 23.4% respectively. However, these figures were notably higher than those recorded in 2020 and earlier years. In addition, both metrics saw modest month-over-month gains. The average home price for LSTAR in March 2023 was $653,611, while the composite MLS® HPI Benchmark Price was $592,600
Monday, April 3, 2023
April Newsletter ~ The PEDLAR Team Update
Friday, March 31, 2023
Wednesday, March 22, 2023
Thursday, March 16, 2023
Thursday, March 9, 2023
Friday, February 24, 2023
Wednesday, February 22, 2023
Sunday, February 12, 2023
Monday, February 6, 2023
February Newsletter ~ The PEDLAR Team Update