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london-ontario

LSTAR HOME SALES REMAIN STEADY

The London and St Thomas Association of REALTORS® (LSTAR) announced 1,194 homes exchanged hands last month, the highest number of home sales recorded via the MLS® system for the month of June since the Association began tracking data in 1978.

"We're halfway through the year and the housing marketplace continues to be very strong," said LSTAR 2021 President Jack Lane. "We're encouraged by year-to-date sales, which are performing ahead of 2020. At the end of June, there have been 6,378 sales, up 49.4% over the same period last year."

The average sales price across the LSTAR region in June was $641,072, an increase of more than 35% compared to June 2020.

"The average sales price was on par with what has been recorded over the past four months," Lane said. "We haven't experienced the monthly spikes observed during the second half of 2020. This signals the marketplace is beginning to stabilize, in line with the moderating trend seen throughout the country. With all these changes, your local REALTOR® remains the best resource of information and guidance about buying or selling a home."

The following table illustrates how last month's average sales prices compare to the benchmark prices. The MLS® Home Price Index (HPI) benchmark price reflects the value of a "typical home" from a certain area as assigned by local home buyers based on various housing attributes. The average sales price is calculated by adding the sale prices for all the homes sold and dividing that total by the number of transactions. Since monthly averages may be skewed by the type of houses sold in that timeframe, the HPI benchmark price is a more accurate way to gauge price trends.

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