The latest housing numbers are in from the London and St. Thomas Association of Realtors, who for a 7th consecutive month have broken a record for residential sales.
LSTAR reports that 1,296 homes exchanged hands in the region and sales were up more than 56% compared to the same time a year ago, marking the best results ever for March, since data tracking began back 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.
Out of the five main areas, St. Thomas and Strathroy had the lowest housing supply, with only 0.3 months of inventory, whereas Elgin had the highest supply with 0.7 months.”
In St. Thomas, the average sale price for a home in March 2021 was $563,047, and $667,091 in Elgin County.
