Average home price exceeds half-million mark

The average home price in London surpasses $500,000 in August

THE LONDON AND St. Thomas Association of Realtors (LSTAR) announced 931 homes exchanged hands in August, making it the second-best August for sales since the association began tracking data in 1978.

 “August capped off a very strong summer for home sales in the region,” says 2020 LSTAR president Blair Campbell. “For the first time, the average home sales price was over $500,000. It’s a testament to the pent-up demand caused during the COVID-19 lockdown months.”

 The average home sales price was $501,584 in August, up 22% over August 2019 and up more than 55% compared to the same time just three years ago.

 “It’s important to note the average sales price encompasses all housing types across the entire LSTAR jurisdiction, from single detached homes to high-rise apartment condominiums,” Campbell said. “When you look at the five major areas, each one saw healthy gains.”

 Taking a closer look at the region’s geography, London South (which also includes data from the west side of London) continues to show robust activity in the marketplace.

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 “Within the London area, London South had the biggest gains in sales activity and average sales price,” Campbell says. “There were 296 sales, up more than 27 per cent compared to a year ago and the average sales price jumped to $522,999, up 27.4 per cent over August 2019. That’s also up 60 per cent compared to three years ago and up more than 105 per cent over August 2015.”

 The average sales price in St. Thomas reached a new peak of $455,786, an increase of 31.3% over last year, and up more than 77% compared to August 2017.

 The median number of days that a home was on the market in in London it was 10, down from 12.5 days in August 2019.