Home sales approach record highs despite tightened market – The London Free Press
London area realtors sold exactly 1,000 homes in July, a near-record number for the month.
The London St. Thomas Association of Realtors (LSTAR) noted it was the third-best July on record and third month in a row that sales hit 1,000 or more.
“The numbers tell us we’re experiencing a very healthy summer for home resales. The resale activity remains above the 10-year average,” said LSTAR president Jeff Nethercott.
But the supply of homes on the market continues to tighten.
“One of the biggest trends in 2018 is the lack of inventory. In July, there were 1,721 active listings, down 10.9 per cent from this time last year and down 55 per cent from July 2015,” said Nethercott.
The sales-to-new listings ratio was 78.9 per cent which the Canadian Real Estate Association (CREA) rates as a strong sellers’ market,
CREA consider any ratio above 60 per cent to be a sellers’ market.
Overall, the average July sales price across the region was $360,068, up 10.3 per cent from July 2017 and up 34.2 per cent from July 2015.
By geographic area, London East continues to make the biggest gains, with a July sales price at $288,648 up 14.3 per cent from a year ago.
The average sales price in London North was $441,035, up eight per cent from July 2017 and up 35.9 per cent compared to July 2015.
The average sales price in London South was $370,399, up 10.9 per cent from July 2017 and up 32.2 per cent from July 2015.
July Real Estate Sales
London area (includes St. Thomas, Strathroy and surrounding rural areas)
Total Sales: 1,000
Average Price: $360,068
Sales-to-new listings ratio:78.9%
Total Sales: 220
Average Price: $288,648
Sales-to-new-listings ratio: 89.1%
Total Sales: 195
Average Price: $441,035
Sales-to-new-listings ratio: 70.9%
Total Sales: 248
Average Price: $370,399
Sales-to-new-listings ratio: 81%
Total Sales: 79
Average Price: $303,988
Sales-to-new-listings ratio: 78.2%