EPISODE 549: MASSIVE MARKET UPDATE

#PRIMEDAILY EPISODE 549 MASSIVE MARKET UPDATE FULL

#MONDAYMARKETUPDATE

#PRIMEREALESTATE

Giving you inside access to our systems and data.

home sales soar to new heights in october
November 4, 2019

LSTAR's residential sales activity hit a new record in October, with 928 homes1 exchanging hands in the Association's jurisdiction. This brings the total number of 2019 LSTAR home sales to 8,909, 3.4% higher than the October 2018 year-to-date figures. "Once again, home sales soared to new heights, making last month the best October since 1978, when the Association began tracking sales," said Earl Taylor, 2019 LSTAR President. "In addition, the year-to-date data suggests this year's home sales are poised to surpass last year's." The number of active listings saw a slight year-over-year uptick in October – from 1,596 in 2018 to 1,716 in 2019, but stayed well below the 10-year average. The sales to new listings ratio for the entire Association’s jurisdiction sat at 79.5% last month, 2.4% higher than in October 2018. "This speaks to the brisk pace of the local real estate market, which clearly favours Sellers," Taylor added.

Overall, the average home price was $412,883. This represents an 8.7% increase over October 2018, but is slightly lower than the August average home price of $413,000.

Area October Average Sale Price

Elgin County $394,119
London $416,592
Middlesex County $482,569
St. Thomas $349,895
Strathroy $438,019
LSTAR $412,883

Looking at London's three main geographic areas, the average home price in London East was $340,530, up 8.9% from last October. In London South (which includes data from the west side of the city), the average home sales price was $425,631, up 7.4% compared to the previous year, while London North saw an increase of 2.2% over last October, with an average home sales price of $486,584.