London’s hot housing market keeps on sizzling, with January and February resale home sales up more than 10 per cent over the first two months of last year, the local realtors association announced Tuesday.
The London and St. Thomas Association of Realtors (LSTAR) announced 603 homes were sold last month. Two months into this year, 1,128 addresses have changed hands – up 10.8 per cent over last year.
“Across the five major areas of (our) region, average home sales price continued to make healthy gains,” reads a statement from the realtors group.
The largest year-over-year gain was in Elgin County, with a February average sales price of $360,800 – up 33 per cent compared to February 2018. Meanwhile, in London, the February average sales price was $405,186, up 13.5 per cent from the same month last year.
The average sales price for the entire LSTAR jurisdiction – London, St. Thomas, Strathroy, Elgin County and Middlesex County – was $393,911, up 12.5 per cent compared to February 2018.
“It’s important to point out that the average sales price does include all housing types, including single detached homes, as well as highrise apartment condominiums,” said Earl Taylor, LSTAR’s 2019 president.
The average sale price for a two-storey home in London was $543,114, up 12.7 per cent from February 2018. The average sales price for a highrise apartment condominium was $246,070, up 27.1 per cent compared to the same month in 2018.
And the average sales price for a one-storey home (bungalow or ranch style) was $368,664, up 8.9 per cent, compared to February 2018.