2017 was a very historic year for the London, Ontario real estate market! For the first time, home sales exceeded 11,000. London and St. Thomas Association of REALTORS (LSTAR) began tracking housing data back in 1978 and this year the number of homes sold was 11,203 and is a 8% increase from 2016.This is a very big achievement for the London and St. Thomas residential real estate market.
In 2017, the average sales price across the London and St. Thomas area was $330,037, this was up 18.0% from 2016. By geographic area, London South was $340,793, up 21.7% from 2016. In London North, average home sales price was $407,801, up 18.1% compared to the previous year, while in London East, it was $258,734, an increase of 16.9%. In St. Thomas, it was $261,481, up by 15.2% over 2016.
St. Thomas, Ontario saw a total number of 901 homes sold in 2017, this was up 6.8% from 2016. In 2017, there were a total of 14,301 home listings, down 1.2% from 2016. The trend of high demand with low supply continued into 2017, with inventory (called Active Listings) down 35.6% from 2016.
The London and St. Thomas area also achieved a historic six consecutive months of record sales, due to a very robust out-of-town interest. As we saw from the Toronto market, with people looking for a reasonable priced home in the London, Ontario area.
2018 will be an interesting year for the London and St Thomas, Ontario area and real estate market. It will also be interesting to see how the new mortgage qualifications tests will have on the overall housing market in Canada. If you are in the process of looking for a house, or starting think about moving, remember to get in touch with a realtor, as they are a professional source for buying or selling a home! They will help guide you along your process.