New house listings down locally, but house sales are up

The London-St. Thomas Association of Realtors (LSTAR) has announced the latest housing market data.

In May, 1,397 new listings came on the real estate market, and 846 homes exchanged hands last month.

The report released by LSTAR said while the number of new listings is 23.9 per cent lower than in May of last year, the number in sales is 1.3 per cent higher.

LSTAR’s overall sales-to-new listings ratio for the entire area stood at 60.6 per cent last month.

Moreover, the inventory continued to decline, dwindling from 1.8 months in April to 1.7 months in May.

"The month-over-month increases in home sales and prices continued in May in LSTAR's jurisdiction, thus indicating a further rebound of the local real estate market," said 2023 LSTAR President Adam Miller. "Throughout the last three months of 2023, an upward trajectory in the quantity of residential property sales and corresponding price hikes has persistently caught our attention. These trends demonstrate the enduring presence of a fervent demand for properties in our area, despite the obvious lack of housing supply.”

The average sale price of a home is down 10 percent from this time last year, coming in at $682,561.

Information supplied by London-St. Thomas Association of Realtors (LSTAR).