Streak of record home sales continues in October: LSTAR
Real estate 'Sold' sign
LONDON, ONT. -- London and St. Thomas Association of Realtors (LSTAR) says October saw the local real estate market continue its record sales and prices.
LSTAR says 917 homes were sold in October, while the overall average price climbed to $526,848.
“The 917 residential transactions that took place in our jurisdiction represent the highest number of sales for the month of October since 1978, when the association started tracking data,” said LSTAR 2020 President Blair Campbell in a statement.
“Out of these transactions, 690 happened within the City of London, which had its best October for home sales, as well,” he added.
“The combination between the historically low interest rates and the ‘working-from-home’ trend has generated an extraordinary demand in a housing market with a very limited supply, which pushed the average home prices to record highs across the region,” Campbell stated.
The following table provided by LSTAR shows last month’s average home prices by area and how they compare to the values recorded at the end of Oct. 2019.
The median number of days that a home was on the market in London was eight, that's down from 13 days in Oct. 2019. Meanwhile, in Strathroy, it was 8.5, down from 27; in Elgin, it was 14, down from 17.5; in St, Thomas, it was eight, down from 13; and in Middlesex, it was 17, down from 24.
Campbell says October sales could translate into more than $67 million going back into the local economy within the next few years.
“As the Canadian economy struggles with the effects of the COVID-19 pandemic, the real estate sector remains the only bright spot that gives Canadians confidence in their future".