January proved to be a good month for home sales in the London region.
Figures released by the London St. Thomas Association of Realtors (LSTAR) show 439 homes changed hands last month, a nearly 30 per cent increase compared to January 2023. Of the 439 homes sold, 329 were single-family homes, 74 were townhouses, and 31 were apartments.
The number of newly listed properties up for sale was double that of December going from 386 to 873 in January.
“The number of home sales is consistent with LSTAR’s 10-year-average for January, but the jump in newly listed properties is significant. In January we saw the third highest number of new listings for that month," said 2024 LSTAR Chair Kathy Amess. "LSTAR’s sales-to-new listings ratio sat at 50.3 per cent last month. This and our January stats indicate a stable real estate market, which is positive news for everyone."
The average price of a home in the London region in January was $605,785, according to LSTAR. While that is up 3.9 per cent compared to the same time a year ago, it is down roughly $22,000 from December. When broken down further, the average price of a single-family home sat at $660,686, the average price for a townhouse was $504,304, and apartments $319,210.
"When compared to the prices recorded in other provincial and national centres, homes within the LSTAR jurisdiction remained relatively affordable, positioning our region as an attractive housing market for many," Amess said.