The latest housing numbers are in from the London and St. Thomas Association of Realtors, who saw a decline in the average sale price of a home from June to July.
LSTAR reports that 993 homes exchanged hands in the region, marking their 2nd best results ever for July, since data tracking began back in 1978.
“Even though this represents the second highest number of home sales recorded via LSTAR’s MLS system for the month of July, this value is more in line with our pre-pandemic figures, which suggests that our market may be stabilizing,” said LSTAR President Jack Lane.
“July’s average sales price was slightly lower than the year-to-date value, which reflects the moderating trend seen across the country, reinforcing, at the same time, the idea that our local real estate market is starting to level off.”
“However, the high demand for housing and the historically low inventory levels that we are currently experiencing still make for a robust housing market, where the Sellers have the upper hand,” Lane added.
In St. Thomas, the average sale price for a home in July 2021 was $495,409, and $583,145 in Elgin County.
In June, the average sale price for a home in St. Thomas was $531,230, and $651,072 in Elgin County.
