The latest housing numbers are in from the London and St. Thomas Association of Realtors.
LSTAR reports that 865 homes exchanged hands in the region, marking their 2nd best results ever for October, since data tracking began back in 1978.
An important area to highlight is inventory, which shows how long it would take to liquidate existing inventories at the current rate of sales activity.
“At the end of October, there were only 0.6 months of inventory, which is lower than the 0.9 months of inventory reported in the same period a year ago,” notes 2021 LSTAR President Jack Lane.
“To put it in perspective, about four months of inventory would represent a balanced marketplace. Out of LSTAR’s main areas, St. Thomas and London North had the lowest housing supply, with only 0.4 months of inventory. Central Elgin had the highest supply with 1.4 months.”
In St. Thomas, the average sale price for a home in October 2021 was $593,517 and $823,556 in Central Elgin.
This, compared to September, where the average sale price for a home in St. Thomas was $526,599 and $613,571 in Central Elgin.
