There were 1,000 home sales in the London and St Thomas region of Ontario in July.
Sales were down 1.8% from a year earlier but still posted the third best July for resales since the London and St Thomas Association of Realtors began tracking sales data in 1978.
"The numbers tell us we’re experiencing a very healthy summer for home resales," said Jeff Nethercott, 2018 LSTAR President. "This is the third consecutive month of at least 1,000 homes being sold and the resale activity remains above the 10-year average. Inventory remains at a 10-year low, while we continue to see an increase in average sales price."
London East saw the largest increase in prices with the average July sales price at $288,648 up 14.3% from July 2017 and up 40.2% compared to July 2015.
Overall, the average July sales price across London and St. Thomas was $360,068 up 10.3% from July 2017 and up 34.2% from July 2015.
“One of the biggest trends in 2018 is the lack of inventory,” Nethercott said. “In July, there were 1,721 active listings, down 10.9% from this time last year and down 55% from July 2015. The sales-to-new listings ratio was 78.9%; in London East, the sales-to-new listings ratio was 89.1%, while in London South it was 81%.”
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