Market Update

       SEPTEMBER HOME SALES SET A NEW RECORD

The London and St Thomas Association of REALTORS® (LSTAR) announced September achieved a record for residential sales, with 960 homes exchanging hands, up 25% compared to the same time a year ago. This represents the best results ever for September since the Association began tracking data in 1978.

"The strong momentum experienced during the summer months continued through September," said 2020 LSTAR President Blair Campbell. "Similar to many other housing markets across Canada, many are still playing catch up from the COVID-19 lockdown we had during the spring."

The average home sales price across the region also reached a new peak of $521,883, up 28% over September 2019 and up more than 98% compared to the same time five years ago.

"Each of the five major areas in LSTAR's jurisdiction posted gains, led by Middlesex with average sales price of $575,785,"Campbell said. "Again, it's important to note this figure encompasses all housing types, from a 2-storey single detached home to a high-rise apartment condominium."

The following table shows last month's average home prices by area and how they compare to the values recorded at the end of September 2019.

AreaSeptember 2020 Average Sale PriceChange over September 2019
Elgin County$498,098↑ 17.6%
London$527,414↑ 30.1%
Middlesex County$575,785↑ 18.1%  
St. Thomas$433,504↑ 26.7%
Strathroy$526,614↑ 14.0%
LSTAR$521,883↑ 28.0%

Taking a closer look at the region's geography, London North achieved a new peak in average sales price, at $613,755, up 28.3% compared to the same time a year ago. It's the first time the average sales price in London North has surpassed $600,000.

"London South (which also includes data from the west side of London) had the largest sales activity," Campbell said. "There were 263 sales, up more than 28% compared to September 2019. Meanwhile, the average sales price jumped to $535,566, up 33.6% over a year ago. That's also up 99% compared to five years ago."

The average sales price in St. Thomas was $433,504, an increase of 26.7% over last year, and up more than 102% compared to September 2015.

The median number of days that a home was on the market in St. Thomas was eight, that's down from 11.5 days in September 2019. Meanwhile, in Strathroy, it was 16.5, up from 12; in Elgin it was 10.5, down from 27; in London it was eight, down from 10; and in Middlesex it was 14, down from 18.