The latest housing numbers are in from the London and St. Thomas Association of Realtors, who saw a record high 928 new listings added during the month of November.
LSTAR notes that 421 homes exchanged hands across the region, while the overall sales-to-new listings ratio sat at 45.4%, up from 39.6% in October.
Housing supply saw a slight month-over-month growth from 4.3 months in October to 4.7 months in November.
“While housing demand is exceptionally high throughout our region and the entire country, the resale data from November appears to indicate that this demand may not be reflected by the activity in the local real estate market for the remainder of this year, and possibly not until spring 2024,” explained 2023 LSTAR Chair Adam Miller.
“The resurgence in activity we witnessed this past spring could serve as a preview of what to expect next year. The determining factors will include whether the Bank of Canada finds it necessary to raise interest rates again or if, by next March, it becomes a matter of when we’ll witness the Bank’s first rate cut,” he added.
November’s overall average home price sat at $605,661, a modest decrease from $629,605 in October.
In St. Thomas, the average sale price for a home in November 2023 was $559,812 and $544,214 in Elgin County.
This, compared to October of 2023, where the average sale price for a home in St. Thomas was $554,683 and $658,529 in Elgin County.
Written by: K. Freeman
