September ushered 1,320 new listings on the local home market, 12.6% more than the same time a year ago. The number of new listings is the highest recorded for September since 2014.
“As new listings start to see larger increases, we have moved into a marketplace that shows some balance between sellers and buyers,” said Adam Miller, 2023 Chair of the London and St. Thomas Association of REALTORS® (LSTAR). “Housing supply also saw a healthy jump to 4.4 months of inventory, from 3.4 months in August. We haven’t seen those kinds of numbers in years.”
September home sales tapered slightly, with 476 homes exchanging hands via the LSTAR MLS® System, down 6.5% compared to September 2022. The September total was a little down from the previous month, which recorded 569 sales.
“With the affordability challenges and increased inventory, we expected a dip in activity,” Miller said. “When you compare the sales over the last few months, the activity is fairly consistent. There is still high demand for homes across the region. With less urgency and more options, it’s giving buyers more time in the market.”
The table below highlights home sales, average home prices and benchmark prices in LSTAR’s jurisdiction over the past four months.