Based on the latest stats in October, our dynamic real estate market saw a small uptick with 488 homes changing hands – that’s a 2.45% increase from the previous month. While we dipped by 0.5% compared to last year, the star of the show was the record-breaking 1,232 new listings. It’s fantastic news for anyone on the lookout for their dream home!
Housing Supply and Market Balance: The housing supply is holding strong, only slipping a bit from 4.4 months in September to 4.3 months in October. This kind of stability is making the market a sweet spot for buyers.
Sales-to-New Listings Ratio: Our sales-to-new listings ratio hit 39.6% in October, up from 36.1% in September. It’s all pointing towards balance, which is a big change over the pandemic market.
Local Home Prices: The average home price in October was $629,605, just a smidge down from September. The Composite MLS® Home Price Index (HPI) Benchmark Price took a gentle dip from $595,300 to $592,100.
Regional Price Variations:When we break things down by region, we see some interesting variations. Central Elgin, London North, and Middlesex Centre all have their unique benchmarks and average prices. For example, Central Elgin’s average price clocked in at $711,866, while London North hit a benchmark of $691,000.
Folks, let me tell you, our little slice of Ontario is holding strong in the affordability department. Compared to the big shots provincially and nationally, we’re standing tall and proud. It’s what makes our market so darn attractive.
With a balanced playing field and exciting opportunities for buyers, it’s a fantastic time to be in the game. If you’re curious for more details, check out the official report from the London and St. Thomas Association of REALTORS® (LSTAR). Stay tuned, London – there’s more real estate adventure coming your way!
Please contact me if I can answer any of your real estate questions!
More about Phil:
Phil Bailey is a top Realtor® in London Ontario with the HouseSigma Inc. Brokerage team. As your real estate agent, he provides outstanding customer service to his clients and he’s always available by phone, text, or email. Phil works throughout London Ontario, Komoka, Kilworth, Thorndale, St. Thomas, Port Stanley, and the surrounding areas helping people buy and sell homes and condos.