The London and St. Thomas Association of REALTORS® (LSTAR) announced 1,231 homes exchanged hands last month, the highest number of home sales recorded via the MLS® system for the month of April since the Association began tracking data in 1978.
“We are encouraged by the strong sales numbers, as the spring market ramps up,” said LSTAR 2021 President Jack Lane. “Year-to-date sales are also performing ahead of 2020. At the end of April, there have been 3,918 sales, up more than 57% over the same period last year.”
LSTAR’s regions, like many others across the province, are experiencing some of the lowest inventory levels seen in the past 10 years. Combined with a high demand, these dynamics have contributed to a very robust marketplace, with numerous situations of multiple offers and properties being sold for considerably more than their listing prices.
“It’s important for the public to understand that every transaction is different, based on housing type, housing features, geographical location and many other factors,” Lane said. “Each transaction is unique and does not necessarily represent activity across the entire marketplace.
City of London Real Estate Statistics for April 2021
Number of properties houses sold or leased 837
Median days on market 7
Average sale price $642,222
Median price $593,000
Average sale price of a condominium $467,098
Average sale price of single-family home $722,885
List price to sale price ratio 114.6%
In our local marketplace, 100% of the listing inventory is selling every 30 days. Another way of looking at it is that every house that was listed in London over the last 30 days has sold. Once again this is an indication that the local market for the month of March strongly favoured sellers. Covid 19 pandemic has not adversely affected the local real estate market. If you are considering selling your home in the city of London or the surrounding area, there has never been a better time.