The latest housing numbers are in from the London and St. Thomas Association of Realtors who continued to see evidence of market stabilization throughout May.
LSTAR notes that 774 homes exchanged hands across the region, while the housing supply remained unchanged from April, reporting three months of inventory in May.
“We continue to see the trend of more new listings coming on the market, which explains the healthy level of housing stock across LSTAR’s region,” said 2024 LSTAR Chair Kathy Amess.
“In May, there were 1,563 new listings, slightly up from the 1,425 new listings in April, with an overall sales-to-new listing ratio of 49.5%. According to the Canadian Real Estate Association, a ratio between 40% and 60% is generally consistent with a balanced market.”
Last month’s overall average home price sat at $660,430, compared to $656,037 in April and down 2.8% from May 2023.
In St. Thomas, the average sale price for a home in May 2024 was $575,071 and $704,010 in Elgin County.
This compared to April where the average sale price for a home in St. Thomas was $577,149 and $659,752 in Elgin County.
Written by: K. Freeman
