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421 homes were sold last
month via the MLS® System of the London and St. Thomas Association of
REALTORS® (LSTAR), 8.9% less than in November 2022.
“While housing demand is
exceptionally high throughout our region and the entire country, the
resale data from November appears to indicate that this demand may not be
reflected by the activity in the local real estate market for the
remainder of this year, and possibly not until spring 2024,"
explained 2023 LSTAR Chair Adam Miller. "The resurgence in activity
we witnessed this past spring could serve as a preview of what to expect
next year. The determining factors will include whether the Bank of
Canada finds it necessary to raise interest rates again or if, by next
March, it becomes a matter of when we'll witness the Bank's first rate
cut," he added.
The number of newly listed
properties declined from 1,232 in October to 928 in November. Despite the
significant monthly drop, this number still represents a record high for
new listings for the month of November.
"The November data also
shows that some sellers might be delaying their plans until the spring.
Nonetheless, there remains a substantial number of individuals actively
engaged in the market, eager to finalize deals before the end of this
year. For valuable information and guidance on how to best navigate the
current real estate environment, we encourage you to reach out to a local
REALTOR®," Miller said.
The real estate landscape in
LSTAR's jurisdiction witnessed a few other shifts in key indicators
during November.
Housing supply saw a slight
month-over-month growth from 4.3 months in October to 4.7 months in
November.
The average home price in
November for the entire jurisdiction of LSTAR was $605,661, exhibiting a
modest decrease from $629,605 in October. Concurrently, the Composite
MLS® Home Price Index (HPI) Benchmark Price settled at $577,400, a slight
dip from the October figure of $592,100.
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