Local home sales saw a sharp increase last month

Houses for rent and sale on Oxford Street, November 5, 2024 (Bailey Shakyaver/CTV News London)

According to the London and St. Thomas Association of Realtors (LSTAR), 661 homes were sold in October - that's up from 562 in September.

LSTAR Chair Kathy Amess said that the market is slowly returning to a more balanced one for buyers and sellers, “[the market is in a] good position for both buyers and sellers, a lot less frantic than we saw a couple of years ago, which I think is extremely good for both sides.”

Kathy Amess, Chair of LSTAR, November 5, 2024 (Bailey Shakyaver/CTV News London)

The October average sale price was just over $623,000 - that's down three per cent from the month prior.

For buyers holding onto their property hoping for higher prices, Amess said that there is no crystal ball, “I think it's really difficult to time the market… everybody thinks that they can pick a perfect time. And, you know, there's an old saying that the perfect time to buy real estate was yesterday, and then the next best time is today.”

There were also slightly fewer listings last month.

The generally slower pace of the market is one that paints an optimistic future for potential buyers said Amess, “stability usually means that it's a better time to invest in anything, right?.. When things are stable, I think that it just creates a lot more confidence in people that they have a lot more time to make a decision, they have time to consider their options. I just, I think it's a really good time for buyers to get into the market.”

Those price reductions will likely filter down into the rental market, where Amess said upward pressure on house prices has driven rent increases in the past few years.