The latest housing numbers in from the London and St. Thomas Association of Realtors.
Last month, LTSAR saw 846 homes exchange hands across the region while 1,397 new properties came onto the market.
The overall sales-to-new listings ratio for the entire London-St. Thomas area stood at 60.6% last month, while inventory continued to decline, dwindling from 1.8 months in April to a mere 1.7 months in May.
“The month-over-month increases in home sales and prices continued in May in LSTAR’s jurisdiction, thus indicating a further rebound of the local real estate market,” said 2023 LSTAR President Adam Miller.
“Throughout the last three months of 2023, an upward trajectory in the quantity of residential property sales and corresponding price hikes has persistently caught our attention. These trends demonstrate the enduring presence of a fervent demand for properties in our area, despite the obvious lack of housing supply,” Miller added.
In St. Thomas, the average sale price for a home in May 2023 was $599,781 and $781,982 in Central Elgin.
This, compared to April of 2023, where the average sale price for a home in St. Thomas was $571,487 and $806,544 in Central Elgin.
Written by: K. Freeman
