The latest housing numbers are in from the London and St. Thomas Association of Realtors, reporting mixed results in August.
LSTAR notes that sales activity declined, with 577 homes sold, marking a 6.0% drop from the same month last year.
The average sale price also decreased by 4%, however active listings saw a 19% increase compared to August 2023.
Kathy Amess, the LSTAR Board Chair, noted “Despite the fluctuations in sales activity, average price and dollar volume, the increase in new and active listings indicates a more balanced market, providing more opportunities for buyers and sellers alike. There are lots of opportunities for buyers in this market, which in turn benefits our sellers. Additionally, with the Bank of Canada lowering its key interest rate to 4.25%, we anticipate a potential boost in market activity as borrowing costs decrease.”
Last month’s overall average home price sat at $629,500, compared to $654,593 in July.
In St. Thomas, the average sale price for a home in August 2024 was $533,902 compared to $575,525 in July.
Those out in Central Elgin saw the average sale price for August 2024 sit at $665,343.
Written by: K. Freeman
