The London area real estate market remained red hot throughout the frigid month of February.
According to data from the latest London St. Thomas Association of Realtors report, a total of 813 homes in the area exchanged hands last month. While the number did not exceed February 2021's sales, it was only eight units shy of breaking the record, making it the second-best February for home sales in the area ever.
"Even though last month our residential transactions fell short by a few units from reaching a new peak, February 2022 succeeded to set quite a few new records," said 2022 LSTAR President Randy Pawlowski. "This was the February with the highest number of new listings in the history of LSTAR, but also the one with the lowest housing inventory and the lowermost number of active listings at month-end."
A total of 1,021 new listings were put on the market in February, and 408 remained active just ahead of March 1.
Pawlowski added last month's number depicts the imbalance between the high demand and low supply of homes the London market continues to see. As a result, prices will continue to go up.
In February, the overall average price for all home types sold in the area was $825,221. The average price for a single-family home, the most sought-after property type by local buyers, climbed to $904,800.
The sale-to-list-price ratio shot up last month by nine per cent, reaching a new record high of 123 per cent.
"These percentages show how firmly anchored our local real estate market is in Sellers' territory and how much the home Buyers are willing to go over the asking price to get in the market," said Pawlowski.
Last February, the average sale price of a home was $616,065.
