September real estate market shows 'balance between sellers and buyers': LSTAR
A home listed for sale in London, Ont. is seen on Wednesday, April 13, 2022. (Sean Irvine / CTV News)
The month of September showed a slight downturn in the average cost of a home in the region with it trending towards a more balanced market, the London St. Thomas Association of Realtors (LSTAR) said on Wednesday.
In September, 1,320 new listings hit the real estate market in the London and St. Thomas area, representing an increase of 12.6 per cent higher than the same time last year, according to LSTAR. The number of new listings is the highest recorded for the month of September since 2014.
In all, home sales for the month of September wavered slightly, with 476 homes exchanging hands, representing a downturn of 6.5 per cent over September 2022.
“As new listings start to see larger increases, we have moved into a marketplace that shows some balance between sellers and buyers,” said Adam Miller, 2023 Chair of LSTAR. “Housing supply also saw a healthy jump to 4.4 months of inventory, from 3.4 months in August. We haven’t seen those kinds of numbers in years.”
The average overall price for a home in September according to LSTAR was $633,848, representing a drop of approximately $30,000 over the month before when the average price was $663,663.
An LSTAR chart depicting home sale data from between June and September 2023. (Source: London St. Thomas Association of Realtors)
Miller said that due to affordability challenges and increased inventory, a dip in activity was to be expected.
“There is still high demand for homes across the region. With less urgency and more options, it’s giving buyers more time in the market,” explained Miller.
The benchmark price of various different types of homes — which represents the “value of a ‘typical home’ as assigned by buyers in a certain area based on various housing attributes” — also saw a slight change over August 2023.
For example, the benchmark price for a single family home in September was $639,700, representing a decrease of 2 per cent over last month.
In comparison, the benchmark price for a townhouse in the region was $501,700 in September while an apartment was $376,800, representing decreases of 1.6 per cent and 5.5 per cent respectively.
“When compared to other values recorded provincially and nationally, homes in the LSTAR area continue to remain relatively affordable,” Miller said.
An LSTAR chart depicting benchmark real estate prices between June and September 2023. (Source: London St. Thomas Association of Realtors)
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