The latest housing numbers are in from the London and St. Thomas Association of Realtors, who once again broke a record for residential sales last month.
LSTAR reports that 854 homes exchanged hands in the region, which represents their best results ever for November, since data tracking began in 1978.
Inventory is an important measure of the balance between sales and the supply of listings, illustrating how long it would take to liquidate existing inventories at the current rate of sales activity.
“At the end of November, there were 0.7 months of inventory across the entire LSTAR jurisdiction, which is the lowest level in the past 10 years,” said LSTAR 2020 President Blair Campbell. “Out of the five main areas, St. Thomas had the lowest level at 0.5 months of inventory while London was at 0.6.”
Another important measure is the sales-to-new listings ratio. It was 108.4% for LSTAR, which the Canadian Real Estate Association says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market).
LSTAR’s five areas all recorded sales-to-new listings ratios over 100%, with the highest seen in Elgin County at 121.4% and St. Thomas at 113.8%.
In St. Thomas, the average sale price for a home in November 2020 was $426,906, up 28.4% from 2019.
The median number of days that a home was on the market in St. Thomas was 12 ,that’s up from 9 days in November 2019 and in Elgin it was 18, down from 19.
In Elgin County the average sale price for a home in November 2020 was $491,987, up 13.6% from 2019.
