In the City of London proper, the average home price also jumped, to $671,690 in November compared to $652,359 in October. How hard is it for first-time buyers in London? Check out this week’s column from London Inc.’s real estate analyst Marcus Plowright here The data comes as housing inventory reached a record low of 1.03 million units as of the end of February, a 29.5 year-over-year decline compared to 1.46 million units, marking the sharpest yearly. This national price jump also marked 108 straight months of year-over-year. That compares to $672,328 last month and represents a 24.6 per cent jump over the same period (November) in 2020 and a whopping 140 per cent increase compared to five years ago (2016). In February, the median existing-home price for all housing types averaged closer to 313,000, up 15.8 from Feb. In November, the overall average home price for the LSTAR region was $673,995. The combination between demand and the very low supply continues to put upward pressure on prices.
“Compared to the same period last year, there were 4.7 per cent less homes sold, but, overall, last month is the second-best November for home sales since LSTAR started tracking data, back in 1978.” And inflation has also raised the cost of homes, as high demand and low supply have driven prices to record levels. “This year-to-date figure is very close to the total number of home sales recorded at the end of 2017, which was the year with the highest sales activity in the history of LSTAR,” says 2021 LSTAR president, Jack Lane. Thomas and portions of Middlesex and Elgin counties.) That means that if no new homes become available, there won’t be any. If we look at 2022 data so far, there is about a one-month supply of inventory homes on the market right now. Statistics show a nearly 13 increase in home prices in 2021. (In addition to London, the LSTAR catchment area also takes in Strathroy, St. The combination of low inventory real estate and high demand lead to the increase in house prices. Nonetheless, the number represents is the second-best November for recorded home sales in the region. Thomas Association of Realtors (LSTAR), a total of 816 homes exchanged hands in its reporting region in November, a dip from 865 homes sold in October. This goes for new construction and the resale market. However one challenge is the low inventory in the housing market. Supply continues to overshadow all else in the region’s home resale market with only two weeks of inventory on the marketĪCCORDING TO THE London and St. According to experts the real estate market is expected to do well in 2o21 with historically low mortgage rates and abundance of employment.
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