Despite a low inventory, almost 900 homes in the London region changed hands last month, marking the second-best September for home sales in the last four decades.
The London and St. Thomas Association of Realtors (LSTAR) has reported that a total of 861 homes were sold, which is an 11.8 per cent increase compared to the same month last year. The increase marks the second-highest September for home sales since the association began tracking data in 1978.
As well, the average price of a home sold last month was $412,208, which is an increase of 6.8 per cent from September 2018.
"With three months left in the year, almost 8,000 homes have exchanged hands, which is up 3.6%, compared to this period in 2018," said LSTAR President Earl Taylor in a media release.
At the same time, the home inventory in the region remained low with only 1,841 active listings, which is down 22.6 per cent compared to three years ago and down 49.6 per cent compared to five years ago. However, this was an increase of 8.8 per cent compared to September of 2018.
"What we're experiencing with low inventory has had an impact on the average home sales price," Taylor said. "Each of the five major areas in LSTAR's jurisdiction saw an increase last month. It was up 20.4 per cent in Elgin County, up 6.6 per cent in Middlesex and up 6.5 per cent in Strathroy. London and St. Thomas also saw gains, up 5.1 per cent and 4.3 per cent respectively."