Low inventory continues in London and region home market

Home sales were up slightly in the London, Ont. - St. Thomas, Ont. region for the month of April, but low inventory continues to be a concern.

According to the London St. Thomas Real Estate Association (LSTAR), 723 homes changed hands in the month of April, compared to 685 in March.

The average price of a home was $664,149 in April, up slightly from the average price in March of $653,611, but still 13.6 per cent lower than one year earlier.

LSTAR President Adam Miller explained that as inventory continues to go down, prices will creep up.

“If we start to get too much activity in the markets we’re going to drop to a very unhealthy inventory level,” said Miller. “When the inventory level goes down, in the face of supply and demand, housing prices start to creep up a little quicker than we want.”

Miller said he’s hoping for some nicer spring weather to prompt would-be sellers to put their homes up for sale.