February home sales remain steady
London and St. Thomas Association of REALTORS® (LSTAR) announced 603 homes* were sold in February, up 5.6% over February 2018. The number of home resales was right on par with the 10-year average. Two months into 2019, there have been 1,128 home resales, up 10.8% compared to the same time last year.
Across the five major areas of LSTAR's region, average home sales price continued to make healthy gains. The largest year-over-year gain was in Elgin County, with a February average sales price of $360,800, up 33% compared to February 2018. Meanwhile, in London, the February average sales price was $405,186, up 13.5% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $393,911, up 12.5% compared to February 2018.
|Area||February Average Sale Price|
"It's important to point out that the average sales price does include all housing types, including single detached homes, as well as high rise apartment condominiums," said Earl Taylor, 2019 LSTAR President. "All real estate is local, so your best source for information on the marketplace is going to come from a professional REALTOR®."
Looking closer at London, which generated the most sales activity in February, there were some interesting findings based on housing type.
"The average sales price for a 2-storey home in London was $543,114, up 12.7% from February 2018," Taylor said. "In comparison, the average sales price for a high rise apartment condominium was $246,070, up 27.1% compared to the same month in 2018. And the average sales price for a 1-storey home (bungalow or ranch style) was $368,664, up 8.9%, compared to February 2018."
Click on the following link to see the new Statistical Package of LSTAR for the month of February:
Visit LSTAR's new interactive Statistical Dashboard to find out even more information about the real estate markets located in LSTAR's jurisdiction. In order to see the Dashboard, please wait until the page is completely loaded.
This is how the Statistical Dashboard looks like: