The latest housing numbers are in from the London and St. Thomas Association of Realtors, who continue to see signs of market stabilization.
LSTAR notes that 476 homes exchanged hands across the region, while the overall sales-to-new listings ratio sat at 36.1%, down from 46.9% in August.
The local housing supply saw a healthy jump however, with 4.4 months of inventory, up from 3.4 months in August. 2023 LSTAR Chair Adam Miller noted “We haven’t seen those kinds of numbers in years.”
Adding “With the affordability challenges and increased inventory, we expected a dip in activity,” Miller said. “When you compare the sales over the last few months, the activity is fairly consistent. There is still high demand for homes across the region. With less urgency and more options, it’s giving buyers more time in the market.”
September’s overall average home price sat at $633,848, down from $663,663 in August.
In St. Thomas, the average sale price for a home in September 2023 was $537,792 and $769,135 in Elgin County.
This, compared to August of 2023, where the average sale price for a home in St. Thomas was $555,051 and $747,120 in Elgin County.
Written by: K. Freeman
