Regional home sales post another volume record, but average prices in London drop for the second consecutive month
JUNE WAS ANOTHER record month for home sales across the region, however prices are displaying a cooling trend, with all London neighbourhoods recording a drop in average sale prices compared to the month prior. It’s the second consecutive month of lowering average prices for the city.
According to the London and St. Thomas Association of Realtors (LSTAR), 1,194 homes exchanged hands last month, the highest number of home sales recorded via the MLS system for the month of June since the association began tracking data in 1978.
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“We’re halfway through the year and the housing marketplace continues to be very strong,” says LSTAR 2021 president, Jack Lane. “We’re encouraged by year-to-date sales, which are performing ahead of 2020. At the end of June, there have been 6,378 sales, up 49.4 per cent over the same period last year.”
The average sales price across the LSTAR region in June was $641,072, an increase of more than 35 per cent compared to June 2020.
“The average sales price was on par to what has been recorded over the past four months,” Lane says. “We haven’t experienced the monthly spikes observed during the second half of 2020. This signals the marketplace is beginning to stabilize, in line with the moderating trend seen throughout the country. With all these changes, your local realtor remains the best resource of information and guidance about buying or selling a home.”
In London proper, the average June home price came in at $623,657, a 29.3 per cent jump from a year ago, but a slight dip from the $629,715 average price in the city last month.
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Broken down by neighbourhoods, the June average price in London East was $493,200 (compared to $502,608 in May 2021). In London North it was $681,500 (compared to $741,983 last month) , and London South (which also includes data from the city’s west end) reported an average June price of $563,600 (last month it was $655,662).
The single-family home remains on top of the local buyers’ preferences, with 892 sales across the region in June.
“It’s important to understand each housing transaction is unique and does not necessarily reflect activity across the entire marketplace,” Lane said. “For those interested in buying or selling a home, every transaction is different, based on housing type, features, geographical location and many other factors.”