Median home prices remain high and supply is at an all-time low according to the latest regional data from the London St. Thomas Association of Realtors (LSTAR).
LSTAR says 816 houses changed hands in November, marking the second-highest number on record during that month since the association began tracking data in 1976.
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As of the end of November, only 379 active listings remained in LSTAR’s jurisdiction, marking a new all-time low for the region’s home inventory, according to President Jack Lane.
“At the current sales rate, LSTAR’s entire home inventory could be liquidated in just two weeks,” Lane said in a statement released Thursday.
The association says a combination of high demand and very slow supply has raised the median sales price of homes.
Median home price in November was just under $ 674,000, up from just over $ 536,000 in 2020.
Meanwhile, the Multiple Listing Service (MLS) Home Price Index (HPI) benchmark price, which “reflects the value of a ‘typical home’ in a specific area as perceived by local home buyers based on various housing attributes ”, stood at $ 633,700. LSTAR considers this statistic to be a more accurate way of measuring price trends.
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In terms of the type of homes being purchased, single-family homes are the most popular with 593 units sold in November.
Last month was also LSTAR’s best for condo and apartment sales, with 111 and 79 exchanging hands, respectively.
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Reference-globalnews.ca