The latest housing numbers are in from the London and St. Thomas Association of Realtors.
Last month LTSAR saw 685 homes exchange hands across the region, marking the lowest number of home sales seen by the association in March since 2014.
This seems to be a new trend for LSTAR, who just last month saw the lowest number of February home sales since 1995.
The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR jumped to 63.5%, and the inventory fell from 3 months in February to only 2 in March, with only 1,079 new residential listings posted.
LSTAR President Adam Miller notes “The market downturn caused by the rising borrowing costs has created a window of opportunity for buyers to enter the market at a potentially lower price point, but the lack of inventory remains a concern. The coming months will be crucial in determining if the current trend continues, or if there will be a rebound in the market.”
“Despite the ongoing economic uncertainty, the figures recorded by LSTAR in March indicate a tightening of the local real estate market, which is also reflected in the average and HPI benchmark prices observed across the region,” Miller added.
In St. Thomas, the average sale price for a home in March 2023 was $602,530 and $789,663 in Central Elgin.
This, compared to February 2023, where the average sale price for a home in St. Thomas was $552,500 and $772,488 in Central Elgin.
Looking back to March of 2022, the average sale price for a home in St. Thomas was $728,860 and $927,880 in Central Elgin.
Written by: Kennedy Freeman
