LSTAR records another month of record home sales

File photo courtesy of © Can Stock Photo Inc. / Feverpitched

April was another record-setting month for London area realtors.

According to the numbers from the London St. Thomas Association of Realtors (LSTAR), 1,231 were sold last month, making April 2021 the best on record since the association began tracking data in 1978.

Single-family homes were yet again the most popular housing type sold, with 913 sold in April.

“We are encouraged by the strong sales numbers, as the spring market ramps up,” said LSTAR President Jack Lane. “Year-to-date sales are also performing ahead of 2020. At the end of April, there have been 3,918 sales, up more than 57 per cent over the same period last year.”

The average home sale price in the area reached $643,835, just over a $9,000 jump from the average sale price of March 2021.

Like many regions across Ontario, the London area is experiencing some of the lowest inventory levels seen in the past decade.

The robust market and multiple offers have led to properties being sold for significantly more than their listing prices.

“It’s important for the public to understand that every transaction is different, based on housing type, housing features, geographical location and many other factors,” Lane said. “Each transaction is unique and does not necessarily represent activity across the entire marketplace.”

Last April, home prices in the area had averaged $423,143, a slight drop at the time as sellers grappled with the restrictions put in place to prevent the spread of COVID-19.