There is more evidence the London-area's real estate market is heating back up.
The number of homes sold in the region in February jumped by 33.2 per cent compared to the same month a year ago, according to newly released figures from the London St. Thomas Association of Realtors (LSTAR). In total, 594 homes were sold last month, up from 439 homes in January.
"While the number of home sales remained on par with LSTAR’s 10-year-average for February, the number of newly listed properties soared to new heights, reaching its second highest value for that month," said 2024 LSTAR Chair Kathy Amess. “Many of the sellers who chose to adopt a ‘wait-and-see’ approach in the last months of 2023 were encouraged by the fact that the Bank of Canada decided once again not to increase its benchmark rates."
Of the 594 homes sold last month, 417 were single-family homes, 104 were townhouses, and 54 were apartments.
The average price of a single-family home in the London region increased by $76,995 in February to $682,780. In January, the average price for the same home was $605,785. The average price for a townhouse was $507,229 and apartments $382,496. Both up slightly compared to the first month of the year.
“In addition, the average prices for single-family homes and apartments saw slight year-over-year increases, rising by 1.7 per cent and 3.9 per cent respectively,” said Amess. “However, when compared to February 2023, the average price of a townhouse remained virtually unchanged."
Where there was a drop was in the housing supply. LSTAR reports the number of newly listed properties up for sale went from 3.3 months of inventory to just 2.7 months.
"LSTAR’s sales-to-new listings ratio settled at 58% last month. This is something that we like to see because it indicates a fairly balanced real estate market, which benefits all the parties involved," Amess said.
