The latest housing numbers are in from the London and St. Thomas Association of Realtors with the local market continuing its steady streak in June as 745 homes exchanged hands across the region.
The overall sales-to-new listings ratio for the entire London-St. Thomas area stood at 60.6% last month, while inventory increased from 1.7 months in May to 2.2 months of inventory in June, showing signs of market stabilization.
“The sales activity in June is consistent with the activity from the last several months,” said 2023 LSTAR President Adam Miller. “This happened despite another interest rate hike last month. Halfway through the year, the sales demonstrate the strong demand for homes across the region, which is very encouraging.”
In St. Thomas, the average sale price for a home in June 2023 was $586,738 and $741,412 in Central Elgin.
This, compared to May of 2023, where the average sale price for a home in St. Thomas was $599,781 and $781,982 in Central Elgin.
Written by: K. Freeman
