Home sales cool slightly in May

File photo courtesy of © Can Stock Photo Inc. / Feverpitched

Home sales in the London area slowed a bit in May.

The London St. Thomas Association of Realtors (LSTAR) released figures on Tuesday that show 1,146 homes exchanged hands last month, a 1 per cent drop compared to May 2018 and a 26 per cent decrease over record-setting May 2017.

“Some of the May figures show signs of market stabilization, with London North, Elgin County, and Middlesex County entering a more balanced territory,” LSTAR President Earl Taylor said in a statement. “This is not the case of St. Thomas, which is still very much a sellers’ market. In fact, last month, the sales-to-new listings ratio was higher in St. Thomas than in London – 88.3% versus 74.5% – which means that the existing market conditions in the Railway City clearly favour home sellers.”

The average selling price for St. Thomas homes is currently sitting at an all-time high of $363,947, while the number of homes on the market remains low.

Across LSTAR’s entire jurisdiction, the average cost of a home was $414,878, a slight drop from April’s recording setting high of $421,375.

The median number of days a home spent on the market varied throughout the area, according to reports by the Canadian Real Estate Association. In London, the average number of days a residential property spent on the market was eight, in Elgin it was 22, in Middlesex it was 15, while in St. Thomas and Strathroy it was 13.

“This proves how dynamic the London real estate market is in comparison with its neighbouring regions,” Taylor added.