There was a drop in sales of homes in the London-St Thomas market in June but sales remain above the long-term average.

A total 1,080 homes were sold by London and St Thomas Association of Realtors in the month, down 14.6% year-over-year while the average June sales price in London and St. Thomas was $370,247, up 10.5% from June 2017 and up 32.7% from June 2016.

"As the average sales price trends upward, inventory continues to decrease," said Jeff Nethercott, 2018 LSTAR President."In June, there were 1,779 active listings, down 4.3% from this time last year and down 40.0% from June 2016.”

He added that despite the decrease, sales momentum remains strong and sets the scene for a robust summer sales season.

"Sales activity remains above the 10-year average, as the marketplace continues to manage the lowest inventory levels since 2009. Average home prices are making slight gains all across the region."

 

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