London and St. Thomas
If you ever want to sell your London house, London and St. Thomas Association of REALTORS® (LSTAR) is the agent you need. Whether buying or selling a residential property, LSTAR gives you the best experience you’ll need. This real estate association provides housing opportunities and builds safe neighborhoods. The following report shows the November home sales made by the association.
November Home Sales
In November 2020, the LSTAR achieved a monthly record for residential sales totaling 854 homes. The sales increased by 33% from that recorded in November 2019. This figure was the best results experienced in November since 1978 when the association started tracking data. Blair Campbell, the President of LSTAR, says November 2020 is the third consecutive month of record sales, showing how robust the real estate market currently is. He adds that they are seeing an increase in average sales price across the region which was otherwise known for low supply.
This illustrates the measure of the period it would take to sell the available inventories at the prevailing rates of sales activity. By the end of November 2020, LSTAR recorded 0.7 months of inventory across its region. Campbell said this is the lowest level recorded in the last 10 years. Furthermore, out of their five main areas, St. Thomas had the lowest inventory at 0.5 months while London reported 0.6.
The Sales-to-new Listings
The sales-to-new listings ratio recorded by LSTAR in November 2020 was 108.4%. The Canadian Real Estate Association (CREA) says this figure is a representation of the prevailing conditions at the market which favor the sellers. Moreover, the five areas of LSTAR recorded sales-to-new listings ratios above 100%. The highest ratio was experienced in Elgin County and St. Thomas with 121.4% and 113.8% respectively.
The Average Home Prices
The average home sale price in London North at the end of November 2020 was $619,908, a 26.8% increase from that recorded in November 2019. London East on the other hand reported an average home price of $427,639, an increase of 27.4% over the previous year. Furthermore, St. Thomas had a $426,906 average sales price, a 28.4% increase from that of November 2019.
A research report indicates that for over three years from the time of purchase, an average housing transaction generates $ 73,250 ancillary expenditure. From this report, Campbell continues to explain that their November sales could translate into over $62 million contribution to the local economy within the few coming years. Moreover, he says that the more the COVID-19 pandemic impacts the Canadian economy, the more the impact of real estate is felt to help recover the economy.
The London & St. Thomas Association of REALTORS® is a real estate agent determined to give their clients the best services. Therefore, you can sell your residential property through the association. Moreover, in November 2020, they set new month records for home sales. The number of houses which were bought and sold in that month is the best result they’ve ever achieved. Therefore, take this opportunity to sell your London home faster.