Home sales in London and the surrounding area have seen one of the best months in the last four decades, following two consecutive months of sharp declines due to the COVID-19 pandemic.
The London and St. Thomas Association of Realtors (LSTAR) said on Monday that June 2020 was second-best June for home sales since LSTAR began tracking data in 1978.
The realtors association said 1,188 homes changed hands locally last month, which is a 13.8 per cent increase from June of 2019. The surge of homes sales is also 11.7 per cent higher than was reported two years ago.
"In all LSTAR's main regions, June's volume of residential real estate transactions was absolutely remarkable," said LSTAR President Blair Campbell in a news release. "Middlesex County and Strathroy had their best June ever, with 99 and 39 home sales respectively; St. Thomas and Elgin County recorded their second-best June, with 97 and 77 home sales respectively; and London's 748 home sales were right on par with the five-year average."
While the number of homes for sale increased last month by 3.4 per cent compared to June 2019, the number of active listings at the end of the month was the lowest it has been in the last 10 years, according to LSTAR.
"The 78.5 per cent sales-to-new listings ratio recorded last month demonstrates, once again, how firmly anchored our market is in sellers' territory," said Campbell.
The average price of a home in June 2020 rose to $473,998, which is 17.8 per cent higher than in 2019. All five major areas across LSTAR's region saw increases in the average home sales price, which can be seen in the chart below.
