The gorgeous agents of LSTAR (London and St. Thomas Association of Realtors) exchanged 668 homes during the month of May. This is down in comparison with the same time last year by 41.6%. Due to restrictions in place to plank the curve of COVID-19, we have been working on only essential transactions. This has led to a substantial reduction of business, but it has not affected the strength of the sellers’ market that London and surrounding area has been seeing consistently for some time now.

For the month of May, the average home price across LSTAR was $445,732, an increase of 7.4% from May of last year. The average sale price for the city of London was $450,114, which is up by 6.2% over last year. Here’s how it all breaks down:

London East average sale price $365,261, this is up by 8.4%

London North average sale price $531,626, this is up by 7.7%

London South average sale price $462,332, this is up by 6.5%

London West (according to real estate maps does not exist), but those neighbourhoods are included in the London North and London South calculations.

Multiple offers and over list sales prices are becoming standard in the London market. This past month we had 52% of listings that sold at or over list price by, on average, $20,453. If you have questions pertaining to over list sale prices please contact me. 

The list-to-sell ratio is at 68.2% for London, St. Thomas and the surrounding area. This is still, even during COVID-19, a strong sellers’ market. If you are interested in knowing what your home is worth in this market and would like to review my marketing system, feel free to contact me.

June 2020 LSTAR Press Release