The latest housing numbers are in from the London and St. Thomas Association of Realtors.
LSTAR reports that 1,258 homes exchanged hands in the region, marking the second best May for home sales, surpassed only by May 2017.
While it the wasn’t another record breaking month, year-to-date sales are at an all-time high. At the end of May, there were 5,175 sales reported across the LSTAR region, up 64.3% over the same period last year.
LSTAR’s regions, like many others across the province, are experiencing some of the lowest inventory levels seen in the past 10 years. Combined with a high demand, these dynamics have contributed to a very robust marketplace, with numerous situations of multiple offers and properties being sold for considerably more than their listing prices.
In St. Thomas, the average sale price for a home in May 2021 was $547,777 and $646,427 in Elgin County.
Last month in St. Thomas, the average sale price for a home was $541,255, and $641,366 in Elgin County.
