Second-Best November On Record For Home Resales, Realtors Report

  • 12/6/18
  • |          London

The official numbers back up what everyone in the midst of buying a home in the Forest City and St. Thomas already knows: It’s a seller’s market out there.

Area realtors sold 746 homes in November, the second-highest total ever for that month. That’s according to statistics provided Tuesday by the London and St. Thomas Association of Realtors (LSTAR) to the media.

“We’re still in a seller’s market,” said LSTAR president Jeff Nethercott. “Well above a balanced market.”

The issue driving the high demand is the same as it has been all year: a lack of inventory. The few homes that do go on the market are snatched up quickly.

“The lack of inventory is definitely the storyline for this year,” Nethercott added.

The robust November comes on the heels of a record-setting October.

“November 2016 holds the record with 749 home resales, only three more than November 2018,” LSTAR said in a statement Tuesday.

“We will see a seasonality slowdown” from December into the New Year, Nethercott predicted, saying only “serious relocators” move in the colder months in Southwestern Ontario.

“Generally the market will stay a little quieter in the winter,” he explained.

The average price of a home in London and St. Thomas for the month was $386,465. That compares to $498,515 nationally. “London is still an affordable place to live,” Nethercott said.

In Vancouver, the average price for a home was $1,050,695 in November and in Toronto the figure was $810,881.

Realtor Earl Taylor takes over for Nethercott at the end of the year as the new LSTAR president.

LSTAR began tracking housing sales in 1978.

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