The latest housing numbers are in from the London and St. Thomas Association of Realtors, who saw local home sales taper off in August.
LSTAR notes that 569 homes exchanged hands across the region, while the overall sales-to-new listings ratio fell to 46.9% last month. The local housing supply saw a slight increase from 2.9 months of inventory in July to 3.4 months in August.
“In August, the local real estate market experienced a lull, with home sales hitting their lowest point since 2014. Whether that was just a simple summer lull or a direct effect of the Bank of Canada’s mid-July decision to raise interest rates and their messaging about the lingering above-target inflation, that remains to be determined by the real estate activity we’ll see in the next few months,” said 2023 LSTAR Chair Adam Miller.
August’s overall average home price sat at $663,663, slightly lower than in the previous month, but 4.2% higher than a year ago.
In St. Thomas, the average sale price for a home in August 2023 was $555,051 and $747,120 in Central Elgin.
This, compared to July of 2023, where the average sale price for a home in St. Thomas was $621,991 and $694,595 in Central Elgin.
Written by: K. Freeman
