London area new home listings soar in January, average price dips

Homes sales in the London area jumped nearly 30 per cent in January, compared with the same month last year, but the average price dipped from December.

Article content

There were 439 homes sold in the London region last month, an increase of 28.7 per cent from January 2023, the London and St. Thomas Association of Realtors (LSTAR) said Monday.

Article content

The number of new listings in January was 873, more than double the 386 in December.

“The jump in newly listed properties is significant. In January we saw the third highest number of new listings for that month,” said Kathy Amess, LSTAR chair.

“(The) sales-to-new listings ratio sat at 50.3% last month. This and our January stats indicate a stable real estate market, which is positive news for everyone.”

The number of home sales in January was consistent with the association’s 10-year average, Amess said.

The market for the London and St. Thomas Association of Realtors includes the cities of London and St. Thomas and parts of Elgin and Middlesex counties.

Article content

The average price of homes sold last month in the London area was $605,785, a decline of 3.5 per cent from December, when the average price was $628,047.

The Bank of Canada held its benchmark interest rate steady at five per cent on Jan. 24. The bank has been increasing the rate since March 2022 in an effort to lower inflation, a move that has cooled the housing market as people searching for a new home facing higher borrowing costs.

Recommended from Editorial

  1. A home is shown with a for sale sign on its front yard in this file photo

    London-area realtors detail ‘lacklustre’ home sales

  2. For sale signs in front of three homes on Springmeadow Road in London on Thursday, Jan.  26, 2023. (Derek Ruttan/The London Free Press)

    More homes hitting London-area market as interest rate spike takes toll

Of the homes sold in the region in January, 329 were single-family homes, 74 were townhouses, and 31 were apartments.

In January, the average price for a single-family home was $660,686, $504,304 for a townhouse and $319,210 for an apartment, LSTAR said.

“When compared to last January the average prices for townhouses and apartments saw a slight decline. However, the average price of a single-family home increased by 3.8 per cent,” Amess said.

Housing supply dropped from 4.4 months of inventory in December to 3.3 months in January. The figure is calculated by dividing active listings at the end of the month by monthly sales.

[email protected]

@BrianWatLFPress

The Local Journalism Initiative is funded by the Government of Canada

Share this article in your social network



pso1