London Ontario Real Estate Stats June 2018
In June, 1080 homes were sold in the London and St. Thomas area according to the London and St. Thomas Association of REALTORS® (LSTAR) area were sold in June. This is less than in June 2017, which was a record-setting month with 1,264 homes sold!
Sales activity remains above the 10-year average for the London and St. Thomas area, as the marketplace continues to manage the lowest inventory levels since 2009. The average home price is making a slight gain across the region.
London East made the biggest gains, with the average June sales price at $295,541, this is up 11.7% from June 2017 and up 34.7% compared to June 2016. London North saw an increase of 11.6% from June 2017 with the average sales price of $479,237. That’s up 39.9% compared to June 2016. Meanwhile, the average sales price in London South was $372,881, up 9.2 percent from June 2017 and up 36.6% from June 2016.
Overall, the average June sales price in London and St. Thomas was $370,247, this is up 10.5% from June 2017 and up 32.7% from June 2016. This is a 72.0% increase compared to the average sales price only 10 years ago.
In June 2018, there were 1,779 active listings, this is only down 4.3% from the same time last year and down 40.0% from June 2016. The sales-to-new listings ratio was 72.0%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favours sellers (a ratio between 40% and 60% is generally consistent with a balanced market). So if you are considering selling your home, now would be an optimal time to get your house or condo on the market!
St. Thomas saw a total of 99 homes sold in June, this is down 9.2% from the same period last year. For inventory, there were 76 active listings, down 32.7% from June 2017 and down 53.1% from June 2016. The average home sales price in St. Thomas was $294,471, up 5.5% from June 2017 and up 25.7% from June 2016.