The real estate market appears to be making a comeback, with the London and St. Thomas Association of Realtors (LSTAR) reporting the average price of a single-family home increasing by $77,000 last month.
According to LSTAR, 594 homes were sold across the region, marking a 33.2 per cent increase in activity when compared to February 2023.
In addition, the number of newly listed properties also increased from 873 in January to 1,024 in February, representing an increase of 31.8 per cent over a year ago.
“While the number of home sales remained on par with LSTAR’s 10-year-average for February, the number of newly listed properties soared to new heights, reaching its second highest value for that month," said 2024 LSTAR Chair Kathy Amess.
According to Amess, many sellers who chose a “wait and see” approach to the market were “encouraged” by the Bank of Canada’s decision to not increase interest rates in the latter months of 2023.
Out of the 594 residential properties sold in February in the region, 417 were single-family homes, 104 were townhouses, and 54 were apartments.
The average price for a single-family home however surged, from $605,785 in January to $682,780 in February.
The average price for a townhouse climbed only slightly however, from $504,304 in January to $507,229 in February, while the average price of an apartment increased from $319,210 in January to $382,496 last month.
"When compared to the prices recorded in other provincial and national centres, homes within the LSTAR jurisdiction appear relatively affordable, positioning our region as an attractive housing market," Amess said.
