The latest housing numbers are in from the London and St. Thomas Association of Realtors, who saw an increase in the average sale price of a home from July to August.
LSTAR reports that 925 homes exchanged hands in the region, marking their 2nd best results ever for August, since data tracking began back in 1978.
However, the pace of sales was slower than in August 2020, with the median number of days spent by a home on the market sitting at 9, compared to only 8 days last year.
“The number of August residential transactions decreased by 4.3% over the same period last year, but, despite this slight change of pace, average and benchmark prices continued to climb,” said 2021 LSTAR President Jack Lane. “The overall average home price in LSTAR’s jurisdiction for August 2021 was $620,002, and the composite benchmark price – $586,800. These increases were undoubtedly caused by the very low housing supply and the sky-high demand,” he added
In St. Thomas, the average sale price for a home in August 2021 was $566,320 and $603,624 in Elgin County.
This, compared to July, where the average sale price for a home in St. Thomas was $495,409, and $583,145 in Elgin County.
