Real Estate Blog - Blog Archive: October, 2021

In September 2021, the London and St. Thomas Association of REALTORS® (LSTAR) experienced another solid month, with 864 residential transactions recorded via its MLS® system. "This value, which represents the second-highest number of homes sold in the month of September in LSTAR's jurisdiction since 1978, puts us on track for a record year. In the first nine months of this year, 8,756 homes traded hands in our area, which is an unprecedented total for our September year-to-date figures," said 2021 LSTAR President Jack Lane.

1,057 new listings came on the local market last month, on par with the values seen in the pre-pandemic years. However, at the end of the month, there were only 628 active listings left - the lowest amount of active listings ever…

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925 homes traded hands last month via LSTAR's MLS® system, marking the second best August for home sales since LSTAR started tracking data, back in 1978. However, the pace of sales was slower than in August 2020, with the median number of days spent by a home on the market sitting at 9, compared to only 8 days last year.

"The number of August residential transactions decreased by 4.3% over the same period last year, but, despite this slight change of pace, average and benchmark prices continued to climb," said 2021 LSTAR President Jack Lane. "The overall average home price in LSTAR's jurisdiction for August 2021 was $620,002, and the composite benchmark price - $586,800. These increases were undoubtedly caused by the very low housing supply and the…

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