Great Real Estate News, unless you’re thinking of buying any time soon .
House, home and condominium prices have risen in November 2019 in London,Ontario, according to stats from the London St. Thomas Association of Realtors (LSTAR).
LSTAR revealed that the average home price in London was $416,116 in November, up 10.6% compared to November 2018. Broken down by area, the average home price in London East was $357,796, up 18.6% from last November. In London South (which includes data from the west side of the city), the average home sales price was $424,900, up 12.2% compared to the previous year, while London North saw an increase of 1.9% over last November, with an average home sales price of $493,896.
“We had another solid month, demonstrating the robust marketplace all across the region,” said Earl the president of London St Thomas(LSTAR). “There have been 9,658 home resales year to date, which is up 3.2% compared to the same period in 2018, and we’re on course to surpass last year’s total sales.”
The sales-to-new listings ratio in LSTAR’s jurisdiction was 90.7%, which the Canadian Real Estate Association (CREA) says favours sellers. A ratio between 40% and 60% is generally consistent with a balanced market. A ratio below 40% tends to favour buyers, while a ratio higher than 60% indicates marketplace conditions favouring sellers, according to CREA.
“Several regions saw sales-to-new listings ratios above 100%, including London East (105.6%) and Strathroy (107.1%),” said LSTAR. My experience is that at present i.e. showing a client 4 houses that are highly targeted to their house criteria, in the same local London neighborhood half are sold before I got back to my office. This scenario has been repeated by most London Realtors. Therefore experience and multiple listing service statistics indicate a seller’s market well into December.
If you would like a more detailed or deeper statistical data set regarding London Ont real estate give me a shout out.