Local Housing Market Rebounds
In May 2023, 1,397 new listings came on the local market and 846 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). While the number of new listings is 23.9% lower than in May 2022, the number of sales is 1.3% higher than a year ago.
LSTAR’s overall sales-to-new listings ratio for the entire area stood at 60.6% last month. Moreover, the inventory continued to decline, dwindling from 1.8 months in April to a mere 1.7 months in May.
“The month-over-month increases in home sales and prices continued in May in LSTAR’s jurisdiction, thus indicating a further rebound of the local real estate market,” said 2023 LSTAR President Adam Miller. “Throughout the last three months of 2023, an upward trajectory in the quantity of residential property sales and corresponding price hikes has persistently caught our attention. These trends demonstrate the enduring presence of a fervent demand for properties in our area, despite the obvious lack of housing supply,” Miller added.
The table below highlights the average home prices in LSTAR’s primary regions for May, comparing them to the benchmark prices in those same areas.
|Area||May 2023 MLS® HPI Benchmark Price||May 2023 Average Price|
Furthermore, the table below presents the May benchmark prices for all housing types within LSTAR’s jurisdiction, showcasing a comparison between current values, those from the previous year, and those from six months ago.
|Benchmark Type||May 2023||Change Over
|LSTAR One Storey||$607,000||↓11.1%||↑7.7%|
|LSTAR Two Storey||$708,500||↓11.0%||↑8.6%|