The latest housing numbers are in from the London and St. Thomas Association of Realtors, who for a 6th consecutive month have broken a record for residential sales.
LSTAR reports that 824 homes exchanged hands in the region and sale were up more than 19% compared to the same time a year ago, marking the best results ever for February, since data tracking began back in 1978.
Inventory is an important measure of the balance between sales and the supply of listings, illustrating how long it would take to liquidate existing inventories at the current rate of sales activity.
Out of the five main areas where LSTAR operates, St.Thomas had the lowest housing supply, with only 0.4 months of inventory, while Middlesex had the highest supply with 1.1 months.
In St. Thomas, the average sale price for a home in February 2021 was $548,524, and $609,234 in Elgin County.
