home sales remain steady in september, with year-to-date sales surpassing 9,000 homes

The London and St Thomas Association of REALTORS® (LSTAR) announced 802 homes exchanged hands last month, marking the third consecutive year that more than 800 homes were sold in the month of September*.

"Home sales are slightly down compared to last September, but we are still on track to achieve a record sales year for 2017," said Jim Smith, 2017 LSTAR President. "We're experiencing activity that signifies a more balanced marketplace, and expect a strong finish to the year."

In September, a total of 646 detached homes were sold, a decrease of 9.8% from the previous year, while condominium sales were up 4.0% from 2016, with 156 units sold. The average sales price across London and St. Thomas was $318,347 slightly down 1.0% from the previous month. The average year-to-date sales price was $328,759, up 17.8% from the 2016 average home price of $279,057.

"The activity echoes what's happening in many other parts of the country," Smith said. "According to the Canadian Real Estate Association (CREA), there was a roughly even split of local markets where sales posted a slight decline and others saw a slight increase. I want to stress our region's marketplace continues to be healthy, and your best source to help you navigate what's trending is a local REALTOR®."

In September, there were 1,026 listings, up 3.3% from the same time in 2016. The year-to-date sales are ahead by 13.1%, with a total of 9,219 homes sold. St. Thomas saw a total of 71 homes sold, up 6.0% from the same time last year. The average home price in St. Thomas was $272,251 slightly up 0.6% from the previous month.

The best-selling house style in September in LSTAR’s jurisdiction continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in September was $337,574 down 1.7% from the previous month, while the average price for a condominium was $238,730 up 2.0% from September 2016.

House Style

Units Sold

Average Price

2 Storey 169 $442,317
Bungalow 141 $249,057
Ranch 101 $385,034
Townhouse Condo 84 $219,821
High rise apt. condo 42 $221,469

The following chart is based on data taken from the Canadian Real Estate Association's (CREA) National MLS® Report for August 2017 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

Average home prices in Canada at the end of August 2017

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. "Based on the monthly total for September, that translates into creating approximately 267 jobs and positioning us to potentially generate more than $42 million back into the local economy," Smith said.

*These statistics represent a data snapshot taken on October 1, 2017, based on reported sales activity between September 1 and 30, 2017.

Economic Impacts of MLS® System Home Sales and Purchases in Canada and the Provinces, Altus Group Consulting, 2013.