london-ontario

March home sales set another

London-area record as prices rise again

Inventory is an important measure of the balance between sales and the supply of listings, illustrating how long it would take to liquidate existing inventories at the current rate of sales activity.

Nearly 1,300 homes were sold in the London area last month, a 56 per cent increase over March 2020 — the latest staggering statistic to underscore the area’s red-hot market.

The London and St. Thomas Association of Realtors (LSTAR) issued its statistics for March on Tuesday. It marked the seventh straight month of record sales for the area, which also takes in Strathroy and parts of Elgin and Middlesex counties.

The 1,296 homes sold last month mark the best March since local records began in 1978. Year-to-date, home sales are up 30 per cent over the first three months of 2020.

The COVDI-19 pandemic hit half way through March 2020, but home sales that month were on par with the 10-year average despite the disruption.

LSTAR president Jack Lane called the latest figures a “very robust start” to the year.

High demand and a relatively low supply of available homes combined to increase the average sale price to nearly $635,000. Just two months ago the average price cracked the $600,000 mark for the first time.

The priciest area was north London, with an average sale price of $732,163.

An estimated 0.4 months of inventory is on the market right now.

Single-family homes were the most popular type of property sold in March, with 941 changing hands. The sale price of single-family homes has gone up by more than 40 per cent since March 2020.

Lane called local home sales “a huge contributor to getting the economy back on track, as all sectors continue to manage the impacts of the COVID-19 pandemic.”

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