In August, 616 homes exchanged hands via the MLS® System of
the London and St. Thomas Association of REALTORS® (LSTAR), up 10.4% compared
to the same month a year ago. Similar to July, August posted its strongest
sales month since 2021.
“August recorded the highest inventory level in the last 10
years, with five months of inventory,” said Dale Marsh, 2025 LSTAR Chair.
“New listings also reached a peak since 2015, with 1,347, and the sales-to-new
listing ratio was 45.7%. According to the Canadian Real Estate Association
(CREA), a sales-to-new listing ratio between 40% and 60% indicate a balanced
market. When it drops below 40%, it starts to show signs of a buyers’ market.”
Average sales price was similar to July, at $651,329, up
3.3% compared to August 2024. Meanwhile, the Composite MLS® Home Price Index
(HPI) Benchmark Price was $572,400, down 1.1% from a month ago.
“Since the beginning of the year, the average sales price
has remained relatively consistent, fluctuating between a low of $639,486 in
January and a high of $656,432 in May,” Marsh said. “And between June and
August, the average price has seen less variation, ranging between $648,273 and
$651,329. Again, every home is unique, and your local REALTOR® can help guide
you through the numerous facets of the marketplace.”
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