The local housing market continued its steady streak in May, with 774 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). Housing supply showed signs of market stabilization, with three months of inventory in May, unchanged from the month before. Year to date, sales are outpacing 2023, with 3,161 total sales, up 1.8% from the same period last year.
“We continue to see the trend of more new listings coming on the market, which explains the healthy level of housing stock across LSTAR’s region,” said 2024 LSTAR Chair Kathy Amess. “In May, there were 1,563 new listings, slightly up from the 1,425 new listings in April, with an overall sales-to-new listing ratio of 49.5%. According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced market.”
Average sales price was $660,430, down 2.8% compared to May 2023. It is slightly up from the $656,037 average sales price recorded in April. Meanwhile, the Composite MLS® Home Price Index (HPI) Benchmark Price was $607,100, down 0.1% from a month ago and up 4.5% compared to six months ago.
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