The latest housing numbers are in from the London and St. Thomas Association of Realtors, who saw a record high 1,232 new listings added during the month of October.
LSTAR notes that 488 homes exchanged hands across the region, while the overall sales-to-new listings ratio sat at 39.6%, up from 36.1% in September.
Housing supply stayed virtually unchanged from last month, decreasing only very slightly from 4.4 months in September to 4.3 months in October.
“Amid healthier inventory levels, modest sales, and a surge in new listings, it appears the local housing market is leaning in favour of homebuyers. The scales are tilting, offering buyers greater opportunities,” said Adam Miller, 2023 LSTAR Chair. “This was also reflected by October’s overall sales-to-new listings ratio,” he added.
October’s overall average home price sat at $629,605, down from $633,848 in September.
In St. Thomas, the average sale price for a home in October 2023 was $554,683 and $658,529 in Elgin County.
This, compared to September of 2023, where the average sale price for a home in St. Thomas was $537,792 and $769,135 in Elgin County.
Written by: K. Freeman
