With the latest housing numbers in from the London and St. Thomas Association of Realtors, it’s clear that the local real estate market is in sellers’ territory.
813 homes exchanged hands last month, marking the associations second best February for home sales.
LSTAR President Randy Pawlowski notes “even though last month our residential transactions fell short by a few units from reaching a new peak, February 2022 succeeded to set quite a few new records.” “This was the February with the highest number of new listings in the history of LSTAR, but also the one with the lowest housing inventory and the lowermost number of active listings at month-end,” he continued.
The extraordinary buyers’ demand combined with the severe shortage of housing supply continues to favour home sellers and to exacerbate home prices.
The Sales-to-New-Listings ratio for LSTAR’s entire jurisdiction was a bit lower at 79.6% last month versus 86.2% in February 2021. The Sale-to-List-Price ratio increased by 9% over the same period, reaching a new record high of 123%.
“These percentages show how firmly anchored our local real estate market is in Sellers’ territory and how much the home Buyers are willing to go over the asking price to get in the market,” Pawlowski said.
In St. Thomas, the average sale price for a home in February 2022 was $731,584 and $974,715 in Central Elgin.
This, compared to January 2022, where the average sale price for a home in St. Thomas was $689,687 and $856,954 in Central Elgin.
Written by: Kennedy Freeman
