The latest housing numbers are in from the London and St. Thomas Association of Realtors who saw sales take a leap in January.
LSTAR notes that 439 homes exchanged hands across the region, 28.7% more than in January of 2023.
The number of newly listed properties climbed from 386 in December 2023 to 873 last month, which is “consistent with LSTAR’s 10-year-average for January notes 2024 LSTAR Chair Kathy Amess.”
“But the jump in newly listed properties is significant. In January we saw the third highest number of new listings for that month” added Amess.
Housing supply saw a month-over-month decline, moving from 4.4 months of inventory in December to only 3.3 months in January. “LSTAR’s sales-to-new listings ratio sat at 50.3% last month. This and our January stats indicate a stable real estate market, which is positive news for everyone.” Amess said.
Last month’s overall average home price sat at $605,785, up 3.9% from January 2023.
In St. Thomas, the average sale price for a home in January 2024 was $556,382 and $681,833 in Elgin County.
This, compared to December 2023, where the average sale price for a home in St. Thomas was $546,987 and $551,113 in Elgin County.
Written by: K. Freeman
