Local housing market shatters new records!
In January 2021, the aggregate average price for the entire jurisdiction of LSTAR sat at $607,431, also an all-time high for our area.
An important measure of the health and sustainability of a housing market is inventory, which shows how long it would take to liquidate the existing supply at the current rate of sales activity.
"At the end of January, there were 0.8 months of inventory across the entire LSTAR area, slightly higher than in December, but still at one of the lowest levels in the past 10 years," Lane said. "Out of the five main areas, St. Thomas had the lowest housing supply, with only 0.5 months of inventory, while London's and Strathroy's values were at 0.7 months, on par with the whole region," he added.
Another important measure is the sales-to-new listings ratio. It was 81.9% for LSTAR, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market). LSTAR’s five areas all recorded sales-to-new listings ratios over 60%, with the highest seen in Strathroy at 138.1% and the lowest in Elgin County at 66.7%.
Out of the 547 houses sold last month by LSTAR REALTORS®, 413 were single-family homes, 57 were townhouses and 57 were apartments. The table below shows the December benchmark prices for all house types and how they stack up against the values from a year ago.
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