The latest housing numbers in from the London and St. Thomas Association of Realtors, who saw another slight decrease in average sale price of a home in both St. Thomas and Elgin last month.
LSTAR notes 877 homes exchanged hands last month, with 1,069 new listings entering the local market. This caused the local housing supply to bounce up to 1.2 months of inventory in April from only 0.6 months in March.
LSTAR President Randy Pawlowski notes “These figures suggest a soft landing of the local real estate market: the April home sales are on par with the ten-year average and last month’s sales-to-new listings ratio of 54.5% signals that we’re trending towards a more balanced market.”
Within the same time frame, LSTAR’s overall average home price decreased from $823,954 in March to $771,682 in April.
“There is nothing dramatic about the decline in home prices. These single-digit decreases were actually expected after two consecutive interest rate hikes by the Bank of Canada and the Ontario Government’s decision to expand and increase the non-resident speculation tax,” Pawlowski explained.
In St. Thomas, the average sale price for a home in April 2022 was $688,116 and $900,732 in Central Elgin.
This, compared to March 2022, where the average sale price for a home in St. Thomas was $728,860 and $927,880 in Central Elgin.
Written by: Kennedy Freeman
