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July Market Sees Strong Activity with 604 Homes Sold |
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In July 2024, the real estate market in the London St. Thomas region demonstrated significant activity, with 604 homes sold, as reported by the London St. Thomas Association of REALTORS® (LSTAR). The average home price was $654,593, indicating the market’s pricing trends. Additionally, there were 1,531 new listings, suggesting a robust supply of homes entering the market. Overall, the data points to a dynamic and balanced market, characterized by a healthy volume of transactions and a steady influx of new listings. Kathy Amess, the LSTAR Board Chair, commented on the market’s performance: “The real estate market in London continues to show resilience and adaptability. The increase in new listings is a positive sign, indicating that sellers are confident in the market’s strength. We are seeing a healthy balance between supply and demand, which is crucial for maintaining stability.” The table below displays July’s average prices and MLS® HPI Benchmark Prices in LSTAR’s main regions supplied by the Canadian Real Estate Association (CREA). |
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The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next. The following table displays July’s benchmark prices for all housing types within LSTAR’s jurisdiction and shows how they compare with those recorded in the previous month and three months ago. |
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