The latest housing numbers in from the London and St. Thomas Association of Realtors.
Last month, LTSAR saw 723 homes exchange hands across the region while 964 new properties came onto the market.
The overall sales-to-new listings ratio for the entire London-St. Thomas area climbed from 63.5% in March to 75% in April, while the inventory plunged from 2 months in March to only 1.8 in April.
Locally, Adam Miller, 2023 LSTAR President noted that “out of the five main regions of LSTAR, the city of St. Thomas was the one with the lowest number of properties available for sale, with only one month of housing inventory in April.”
“In their turn, the low inventory and the growing housing demand are putting upward pressure on the local average and MLS® HPI Benchmark Prices,” Miller added.
In St. Thomas, the average sale price for a home in April 2023 was $571,487 and $806,544 in Central Elgin.
This, compared to March of 2023, where the average sale price for a home in St. Thomas was $602,530 and $789,663 in Central Elgin.
Written by: K. Freeman
