Even with the COVID-19 pandemic wreaking havoc on the country's economy, London-area realtors managed to have a steady month of home sales in March.
Figures released by the London St. Thomas Association of Realtors (LSTAR) show 866 homes changed hands last month, up from 740 in February. The number is a 6.9 per cent increase from March 2019 and is on par with the 10-year average.
"For the first quarter, home sales in 2020 are at 2,170, 12.3% ahead of 2019,” said LSTAR President Blair Campbell.
However, the stellar year could be thrown off track due to the coronavirus which has led to countless business shutdowns and layoffs, added Campbell.
“There is an expectation the marketplace will be impacted in the coming weeks and months. We’ll have to wait and see what this means for LSTAR’s jurisdiction, based on data for the upcoming monthly cycles," said Campbell.
The overall average home price has risen 10.3 per cent over the last year to $$447,152 in March.
Average home prices in east London recorded the largest year-over-year gains sitting at $393,661, up 20.8 percent. North London increased by 1.4 per cent to $527,231. In south London, the average home price was $458,666, up 13.8 per cent over March of last year.
In St. Thomas, the average selling price was up 8.5 per cent from last March to $392,196.