Real Estate Blog - Blog Archive: June, 2023

In May 2023, 1,397 new listings came on the local market and 846 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). While the number of new listings is 23.9% lower than in May 2022, the number of sales is 1.3% higher than a year ago.

LSTAR's overall sales-to-new listings ratio for the entire area stood at 60.6% last month. Moreover, the inventory continued to decline, dwindling from 1.8 months in April to a mere 1.7 months in May.

"The month-over-month increases in home sales and prices continued in May in LSTAR's jurisdiction, thus indicating a further rebound of the local real estate market," said 2023 LSTAR President Adam Miller. "Throughout the last three months of 2023, an upward trajectory…

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