After home sales jumped by nearly 30 per cent in January compared to the same month in 2023, the trend continued into February, along with an rebound in average home sales prices, newly released figures show.
After home sales jumped by nearly 30 per cent in January compared to the same month in 2023, the trend continued into February, along with an rebound in average home sales prices, newly released figures show.
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There were 594 homes sold last month in the London region – a year-over-year increase of 36 per cent from February 2023, when there were 436 homes sold, according to statistics just made public by the London-St. Thomas Association of Realtors (LSTAR).
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The 594 homes sold in the region also marks a month-over-month increase of 35 per cent over January’s sales.
The market for the London-St. Thomas Association of Realtors includes the cities of London and St. Thomas, Strathroy and parts of Elgin and Middlesex counties.
The average sale price was also back on the rise in February after a drop in January, the new statistics show:
- February 2024: $617,790
- January 2024: $605,785
- December 2023: $628,047
The number of people selling their homes also went up considerably in February, a trend that’s continued over the past three months, LSTAR figures show:
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- February 2024: 1,024 homes were listed for sale
- January 2024: 873 homes were listed for sale
- December 2023: 386 homes were listed for sale
However, despite the growing number of listings, housing supply has continued to decline.
Housing supply dropped from 4.4 months of inventory in December to 3.3 months in January and as of February dipped to 2.7 months of inventory. The figure is calculated by dividing active listings at the end of the month by monthly sales.
An unrelated analysis published last week showed the number of homes in the City of London valued at less than $500,000 has dropped by more than 50 per cent over the past decade. But LSTAR officials note the city remains “one of the most affordable” in the province.
“I know sometimes it might not seem that way, but when you compare it to what is happening elsewhere, it really is,” said LSTAR chair Cathy Amess.
The Local Journalism Initiative is funded by the Government of Canada
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