Real estate figures across the London-area last month indicated the market was slightly more balanced for buyers and sellers alike.
The London St. Thomas Association of Realtors (LSTAR) said the number of new listings brought to market in September rose to 1,320, an increase of over 100 from August. Last month’s number of new listings is the highest recorded for September since 2014.
LSTAR 2023 President Adam Miller said the larger increase of listings brought some balance between sellers and buyers with inventory levels jumping to 4.4 months of inventory in September, up from 3.4 the previous month.
“With the affordability challenges and increased inventory, we expected a dip in activity,” said Miller. “When you compare the sales over the last few months, the activity is fairly consistent. There is still high demand for homes across the region. With less urgency and more options, it’s giving buyers more time in the market.”
The number of homes sold last month dipped however, with 476 properties exchanging hands. That’s down 6.5 per cent from September of last year, and marginally lower from the 569 sales recorded in August.
Meanwhile, the average sale price of a home sold in the region in September dipped to $633,848, nearly $30,000 lower from the month before. Two-storey homes were the most expensive properties sold last month at an average of $674,300. Townhomes and apartments remained on the lower end of the spectrum for buyers with an average of $501,700 and $376,800 respectively.
Miller noted that every transaction is unique, adding that trends throughout this fall may change depending on what the Bank of Canada decides to do during its next announcement on October 25.
Since June, 2,430 homes have sold across the London-area.
