While no records were broken in the region throughout October, London and the surrounding area saw another busy month for home sales according to local real estate experts.
The London St. Thomas Association of Realtors (LSTAR) announced 865 homes exchanged hands last month, down 7.1 per cent from 2020, making it the second-best October on record since 1978.
Sale activity in the area this fall has been significantly above the 10-year average according to 2021 LSTAR President Jack Lane. One thing that has not changed, is the low supply of homes in the London-area, which continues to affect the high price tag on the average sale.
"At the end of October, there were only 0.6 months of inventory, which is lower than the 0.9 months of inventory reported in the same period a year ago," Lane said. "To put it in perspective, about four months of inventory would represent a balanced marketplace."
The overall average price of a home sold in the London and St. Thomas-area was $672,328 with homes in Middlesex Centre being the most expensive last month selling for around over $1-million, while London east seemed the most affordable with homes being purchases for around $518,000. Single-family homes remain the most popular home type for buyers with 649 sales throughout October.
October’s average sales prices in the London-area compare to the benchmark prices. (The benchmark price reflects the value of a “typical home” as perceived by local home buyers based on various housing attributes.) Table by LSTAR.
While local buyers may feel dismayed by the prices of homes in London, the area remains relatively affordable when compared to other cities in Ontario and the rest of Canada. Average prices in the Greater Toronto Area approached close to $1.1-million in September 2021, making it the third most expensive area in the country behind the Fraser Valley and Vancouver based on data taken from the CREA National Price Map.
