Local Home Prices See Modest Growth
Posted by Brian VanBart on
In February 2023, the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) recorded only 436 residential transactions, thus marking the lowest number of February home sales seen by LSTAR since 1995.
Despite the sluggish sales, 761 new listings entered the market during the same time frame, bringing the number of active listings to 1,320 by month-end. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR was 57.3%.
Compared to February 2022, both the overall average home price and the composite MLS® Home Price Index (HPI) Benchmark Price were significantly lower, down 24.2% and 25.1%, respectively. Despite this, both metrics saw a modest month-over-month growth. LSTAR's overall average home price was…
414 Views, 0 Comments