London area realtors had their third-best year on record, selling more than 10,000 homes in 2019.
According to the London St. Thomas Association of Realtors (LSTAR) 469 homes changed hands last month, pushing the total number sold across the region last year to 10,125. This is only the third time area home sales surpassed 10,000 since LSTAR began tracking sales in 1978. The first time was in 2016 and the second time was a year later in 2017 when sales topped 11,000 homes.
"For the local realtors, 2019 started strong and continued on the same note, with three monthly records in July, October and November," LSTAR President Earl Taylor said in a statement. "For the most part of the year, LSTAR's overall sales-to-new-listings ratio hovered around the 70 per cent mark. However, toward the end of the year, its value jumped significantly, to reach 110.1 per cent. This means that sellers have the upper hand in home sales negotiations here. It also speaks to the high buyer demand and the lack of local housing supply."
In December, the average selling price for a home was $426,539, up 15.1 per cent compared to December 2018. The yearly average selling price was $409,858 in 2019, LSTAR said.
Housing prices in east London shot up 25.4 per cent to $356,065 last month compared to the same month a year earlier. North London also saw a steady increase with the average cost of a home sitting at $515,958, a 20.8 per cent jump.
The average cost of a home in St. Thomas was $346,695, up 16.2 per cent compared to 2018.
Despite the sizable cost increases, the London area is still well below the $528,728 Canadian average home price.