The latest housing numbers in from the London and St. Thomas Association of Realtors with the local market continuing its steady streak in July as 640 homes exchanged hands across the region.
The overall sales-to-new listings ratio for the entire London-St. Thomas area sat at 48% last month, while the local housing supply increased from 2.2 months of inventory in June to 2.9 months in July.
This indicates a fairly balanced market noted 2023 LSTAR President Adam Miller. “The higher borrowing costs triggered by Bank of Canada’s latest hike in its benchmark interest rate barely put a dent in July’s home sales and prices,” Miller says. “This speaks not only to the local market’s appeal and resilience, but also to the huge demand for housing sparked by the increased immigration, which, according to a recent study, reached unprecedented levels in the last twelve months,” he added.
July’s overall average home price came in at $668,821, slightly lower than in the previous month, but 1.7% higher than a year ago.
In St. Thomas, the average sale price for a home in July 2023 was $621,991 and $694,595 in Central Elgin.
This, compared to June of 2023, where the average sale price for a home in St. Thomas was $586,738 and $741,412 in Central Elgin.
Written by: K. Freeman
