The real estate market in the London area is continuing to move as the region set another record for home sales during the month of March.
The London and St. Thomas Association of Realtors (LSTAR) released the stats for March on Tuesday, announcing that 1,296 homes exchanged hands last month, an increase of more than 56 per cent from March 2020.
LSTAR’s 2021 president Jack Lane says it has been a “robust start” to the year for sales as March continued the trend of record-setting months.
“Three months into the year, there have been 2,671 sales, up more than 30 per cent over the same period last year,” said Lane, adding that March was the seventh straight with record sales.
Another continuing trend for local real estate is lack of inventory.
“At the end of March, there were 0.4 months of inventory, lower than the 0.6 months of inventory reported at the end of February,” Lane said.
Officials say low supply and high demand continue to drive the average sales price across the region, which at $634,799 was up $18,799 from February’s average sale price of $616,000.
The March MLS Home Price Index (HPI) reflects the value of a “typical home” as assigned by buyers based on various attributes. Average sales price is done by adding all the sale prices for homes sold and dividing that total by the number of homes sold.LSTAR
Lane says St. Thomas and Strathroy had the lowest housing supply, with only 0.3 months of inventory, while Elgin had the highest supply with 0.7 months.
Single-family homes were the most popular housing type sold in March, with 941 sales.