The latest housing numbers are in from the London and St. Thomas Association of Realtors, who saw another decrease in average sale price of a home in both St. Thomas and Elgin last month.
LSTAR notes 844 homes exchanged hands in May, with 1,835 new listings entering the local market. This caused the local housing supply to bounce up from only 1.2 months of inventory in April to 1.7 months of inventory in May.
LSTAR’s composite MLS® Home Price Index Benchmark Price was down 4% over April, falling from $739,700 to $703,300 last month. However, this value is still 17.6% greater than the figure recorded in May 2021.
In St. Thomas, the average sale price for a home in May 2022 was $645,711 and $825,705 in Central Elgin.
This, compared to April 2022, where the average sale price for a home in St. Thomas was $688,116 and $900,732 in Central Elgin.
Written by: Kennedy Freeman
