The housing market in London and St. Thomas is continuing to be challenged by low inventory as the average price for a home continues to climb.
According to the London and St Thomas Association of Realtors (LSTAR), 769 homes were sold this past March, which is down 37.9% compared to March of 2017. Last year, the region also set the record for best March results since LSTAR began tracking sales data in 1978.
"Similar to February, the March inventory is the lowest level for the month in the last 10 years," said LSTAR President Jeff Nethercott. "There were 1,192 active listings, down 20.4% from this time last year and down 55.3% from March 2016."
The average price for a home sold in the region was $364,112, which is 8.6% higher than March 2017.
By geographic area, the average price in London South was $360,587, up 3.1% from last March. In London North, the average home sales price was $438,827, up 7.1% compared to the previous year. And in London East, it was $291,161, which is an increase of 8.4% from March 2017. In St. Thomas, it was $295,980 up 18.5% over last March.
