Low inventory remains the biggest challenge for would-be homebuyers in the London-St Thomas housing market.
But despite that challenge, home sales in the Southwest Ontario market remain above the 10-year average for the month of May and posted their third highest sales for the month.
Sales were down by a quarter though as the lack of availability, combined with an all-time record in May 2017, meant there was only one way for sales to go.
The London and St Thomas Association of Realtors (LSTAR) announced 1,171 homes were sold in May, down 24.4% over the same time last year.
2018 LSTAR president Jeff Nethercott says that despite drop, Realtors are encouraged by the numbers.
"The homes sold are actually above the 10-year average, despite the ongoing challenge of low inventory in the marketplace. Similar to what’s happened each month this year, home prices continue to gradually increase across the region, as fewer homes are available for sale,” he says.
The average May sales price in London and St. Thomas was $366,096 up 6.4% over May 2017 and up 28.4% over May 2016.
There were 1,643 active listings, down 7.7% from this time last year and down 44.6% from May 2016.