The latest housing numbers are in from the London and St. Thomas Association of Realtors who experienced subdued December sales.
LSTAR notes that 335 homes exchanged hands across the region, bringing the total number of residential properties sold in 2023 to 6,717.
“2023 was the year with the lowermost number of units sold in LSTAR’s jurisdiction since we entered the new millennium,” said 2023 LSTAR Chair Adam Miller. “This record low was caused by the high borrowing costs, which are weighing down heavily on the local consumers’ buying power,” he added.
The number of newly listed properties dropped from 928 in November to 386 in December. Despite the significant monthly decline, the association notes that this number is still in line with LSTAR’s ten-year average for new listings for the month of December.
Housing supply saw a slight month-over-month decline, moving from 4.7 months in November to 4.4 in December.
December’s overall average home price sat at $628,047, a modest increase from $605,661 in November.
In St. Thomas, the average sale price for a home in December 2023 was $546,987 and $551,113 in Elgin County.
This, compared to November, where the average sale price for a home in St. Thomas was $559,812 and $544,214 in Elgin County.
In 2023, 660 homes exchanged hands across St. Thomas, with the average sale price being $570,524.
240 homes were sold in Elgin County at an average sale price of $693,323.
Written by: K. Freeman
