April 2018 LSTAR Stats
The following are the London & St. Thomas Association of Realtors (LSTAR)stats for the month of April 2018.
A total of 983 homes were sold during the month of April, compared to April of 2017 there was a drop of 19.6%. Even though home sales are down during the month of April, they are at par with the 10-year average. Home prices throughout the region of London and St. Thomas are rising throughout the region as there are a lower number of homes available for sale.
The average April sales price in the London and St. Thomas region was $367,433, this was up 5.0% compared to April 2017 and up 33.6% over April 2016. By geographic area, London South was $375,031 up 0.9% from last April. London North had an average home sales price of $454,847, up 7.3% compared to the April 2017, while in London East, it was $306,469 an increase of 14.1% from April 2017. Lastly in the St. Thomas area, it was $285,316, this has gone up 7.7% over last April.
When it came to active listings on the market, in April, there were 1,401 active listings. There was a drop of 13.9% from this time last year and down 50.6% from April 2016. The sales-to-new listings ratio for April 2018 was listed at 70.9%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers.
When it came to the St. Thomas region, St. Thomas saw a total of 72 homes sold in April, down 23.4% from the same period last year. When looking at inventory, there were 56 active listings, down 38.5% from last April and down 68.5% from April 2016.
With the weather getting nicer and the spring season ramping up, this might be the perfect opportunity to get in touch with us if you are considering selling your home.