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London

LSTAR reports record sales as home prices keep climbing

September was another record setting month for local realtors.

According to figures released Monday by the London and St. Thomas Association of Realtors, 960 homes were sold in September. That is an increase of 25% compared to September of last year and the most sold in any September since 1978, when LSTAR starting tracking sales data.

"The strong momentum experienced during the summer months continued through September," said LSTAR President Blair Campbell. "Similar to many other housing markets across Canada, many are still playing catch up from the COVID-19 lockdown we had during the spring."

In addition to the record number of sales, LSTAR is also reporting a new record when it comes to the average sales price. It was $521,883 in September, up 28% from last September. The average sale price for a home in the London-St. Thomas area is up a staggering 98% from September of 2015. According to Campbell, each of the five geographic jurisdictions in LSTAR's coverage area saw increases in the average sale price of homes. In the area of London North, the average sale price in September was $613,755, marking the first time any of the five areas saw an average sale price above $600,000. For the entire city of London, the average sale price was $527,414.

"London South (which also includes data from the west side of London) had the largest sales activity," Campbell said. "There were 263 sales, up more than 28% compared to September 2019. Meanwhile, the average sales price jumped to $535,566, up 33.6% over a year ago. That's also up 99% compared to five years ago."

In St. Thomas, the average sale price in September was $433,504, more than double the average sale price in September of 2015.

"The record sales for September translates into more than $64 million going back into the local economy within the next few years," Campbell said. "As we all manage through the COVID-19 pandemic, real estate is the locomotive that can put Ontario's economy on the track to recovery."

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