While not up to the level where it was in April 2023, the average price of a home in the London region increased last month.
The London St. Thomas Association of Realtors (LSTAR) released its latest figures on Thursday which put April's average sales price at $656,037. That is down 1.5 per cent compared to the same month a year ago, but is up 1.5 per cent from the previous month when the average home price was $646,155.
"When compared to the prices recorded in other provincial and national centres, homes within LSTAR’s jurisdiction appear relatively affordable, positioning our region as a desirable housing market," said Association Chair Kathy Amess.
April marks the third straight month prices have risen since a roughly $22,000 decrease in January.
The number of homes sold last month was 710. That is up from 636 in March. However, the number of homes changing hands is down 2.9 per cent when compared to April of last year.
Year-to-date, there have been 2,381 total sales, up 6.1 per cent from the first four months of 2023.
“More new listings came on the market in April, which continues to show a marketplace with some balance between buyers and sellers," said Amess. “We saw 1,425 new listings, up 43.8 per cent over the previous year, with an overall sales-to-new listing ratio of 52 per cent. According to the Canadian Real Estate Association, a ratio between 40 per cent and 60 per cent is generally consistent with a balanced market.”
Overall, Amess stressed the numbers indicate there is stabilization in the London-area market.