Last month proved to be a great one for anyone selling a home in the London area.
According to the London St. Thomas Association of Realtors (LSTAR), October was a record month for sales with 928 homes changing hands.
"Once again, home sales soared to new heights, making last month the best October since 1978, when the association began tracking sales," said LSTAR President Earl Taylor. "In addition, the year-to-date data suggests this year's home sales are poised to surpass last year's."
The total number of homes sold so far this year now sits at 8,909, 3.4 per cent higher than the October 2018 year-to-date figures.
The average home price in the London St. Thomas area was $412,883. That is an 8.7 per cent increase over October of last year. However, the London area continues to be among the most affordable regions in Canada, according to LSTAR figures.
There were 1,716 active listings in the region last month, compared to 1,596 in October 2018. The sales to new listings ratio for the jurisdiction sat at 79.5 per cent, 2.4 per cent higher than one year ago.
"This speaks to the brisk pace of the local real estate market, which clearly favours sellers," said Taylor.
