April home sales notch another regional record in a continuation of residential real estate’s pandemic-driven run
ON TUESDAY, THE London and St Thomas Association of Realtors (LSTAR) announced that 1,231 homes exchanged hands in its reporting region 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,” says 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 per cent over the same period last year.”
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LSTAR’s regions, like many others across the province, are experiencing some of the lowest inventory levels seen in the past decade. 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 says. “Each transaction is unique and does not necessarily represent activity across the entire marketplace.”
Not surprisingly, average home prices have continued to march upward. The average April home price for the LSTAR region in April was $643,835, a 50.7 per cent jump over April 2020 prices and a whopping 166 per cent gain over ten years ago.
In London proper, the average April home price came in at $642,222, up 50.4 per cent from a year ago and 161.2 per cent higher than a decade ago.
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Broken down by neighbourhoods, the April average price in London East was $508,158. In London North it was $755,102, and London South (which also includes data from the city’s west end) reported an average price of $650,472.
“The pandemic has added another layer to managing the home selling and buying process,” Lane continues. “We understand the challenges many potential home buyers are going through right now. A local realtor is always going to be your best resource to help you navigate through this marketplace.”
The single-family home maintains its place as the most popular housing type sold, with 913 sales across the LSTAR region in April.