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439 residential transactions
were recorded last month via the MLS® System of the London and St. Thomas
Association of REALTORS® (LSTAR), 28.7% more than in January 2023. The
number of newly listed properties climbed from 386 in December 2023 to
873 in January 2024.
"The number of home
sales is consistent with LSTAR’s 10-year-average for January, but the
jump in newly listed properties is significant. In January, we saw
the third highest number of new listings for that month," said 2024
LSTAR Chair Kathy Amess.
Out of the 439 properties
sold in January, 329 were single-family homes, 74 were townhouses, and 31
– apartments. January’s average price for a single-family home in LSTAR’s
jurisdiction sat at $660,686, while that of a townhouse settled at
$504,304. The average price of an apartment from the London-St. Thomas
region was $319,210. "When compared to last January the average
prices for townhouses and apartments saw a slight decline. However, the
average price of a single-family home increased by 3.8%," Amess emphasized.
Housing supply dropped from
4.4 months of inventory in December to only 3.3 months in January.
"LSTAR’s sales-to-new
listings ratio sat at 50.3% last month. This and our January stats
indicate a stable real estate market, which is positive news for
everyone." Amess said.
The average home price for
the entire LSTAR jurisdiction reached $605,785 last month, up 3.9% over
January 2023. However, the Composite MLS® Home Price Index (HPI)
Benchmark Price ticked up at $573,300, 0.4% higher than a month ago, but
0.7% lower than a year ago.
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