London St Thomas market remains robust despite sales slip

There was a slight decrease in home sales in the London-St Thomas market in June but the local real estate association says the market remains in positive territory.

There were 1,050 home sales in the month, down 1.3% from a year earlier and down 9.6% from May 2019.

"Even if the home sales edged down last month, our local real estate market is still robust: the year-to-date sales activity saw a 3% increase over June 2018 and a higher level than in any of the first five years of this decade," said Earl Taylor, 2019 LSTAR President.

The area saw 1,463 new listings in June, 0.9% fewer than a year ago, but the inventory increased slightly year-over-year.

In London, there were 969 new listings in June and 715 homes sold, 0.6% more than last year, while the monthly average home price was $408,274.

In St. Thomas, there were 90 new listings and 73 home sales, 24.7% less than in June 2018, while the average home price was $354,064.

"Looking at all sales-to-new-listings ratios across LSTAR's jurisdiction, we can confidently say that the most of the Association's regions are currently Sellers' markets - with the exception of Middlesex County and Elgin County, which are in a more balanced territory," added Taylor.

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