The average price of a home in London and St. Thomas area is down 4 per cent over last year

More houses for sale, and fewer selling – that’s the latest according to the London and St. Thomas Association of Realtors (LSTAR).

Inventory is up, which is driving prices down across the board, and although realtors are anticipating a market boost as the result of another interest rate cut announced on Wednesday, presently the market is a lot less competitive than it was a year ago. LSTAR Chair Kathy Amess noted, “Despite the fluctuations in sales activity, average price and dollar volume, the increase in new and active listings indicates a more balanced market, providing more opportunities for buyers and sellers alike.”

Sales activity in August was down 6 per cent over the same month last year, and the average sale price is down 4 per cent, sitting at $629,000.

The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold (Source: Ivan_Sabo/iStock/Getty Images Plus, LSTAR)

More listings means more options for buyers – currently, the market has 19 per cent more listings available than there were in August of last year.

London and St. Thomas ranked sixteenth highest in Canada on the home price index benchmark price in August – with Oakville ranking highest, followed by Vancouver, the Greater Toronto Area, and Mississauga.