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The London and St. Thomas real estate market has shown encouraging signs of growth and stability in October 2024. Sales activity notably increased, with 661 transactions recorded, up from 526 in October 2023. This represents a significant recovery from the previous year and highlights the market’s resilience. New listings remained strong, with 1,388 new properties entering the market, slightly down from 1,415 in October 2023 but still reflecting a healthy supply of homes for potential buyers. This level of new listings is one of the highest in the past decade, indicating robust seller confidence. In October 2024, new listings increased by 10.2%. According to the Canadian Real Estate Association (CREA), a sales-to-new-listings ratio between 40% and 60% indicates a balanced market. LSTAR's ratio year to date is 46.5%. This suggests that the market is stable, with a healthy balance between the number of homes being sold and the number of new listings. LSTAR Chair Kathy Amess commented on the market trends: "The increase in sales activity and the steady number of new listings are very encouraging. It shows that our market is adapting well to current economic conditions. The availability of more active listings is a positive development, providing buyers with more choices and helping to balance the market.” |
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