Courtesy of Blair Patton

HOME PRICES CONTINUE TO RISE IN MARCH

$602,700 all residential

UP 1.6% year-to-year

Benchmark Price

636 SOLD LISTINGS

1,233 NEW LISTINGS

2.9 MONTHS OF INVENTORY

51.6% SALES TO NEW LISTING RATIO

1,857 ACTIVE LISTINGS (residential inventory)

April 4, 2024, London, ON – 636 homes were sold last month via the MLS ® System of the London and St. Thomas Association of REALTORS ® (LSTAR). The number of newly listed properties surged to 1,233 in March. “For LSTAR, this was the March with the lowest number of home sales in the last decade, partly because of the statutory holiday Good Friday, which fell at the end of the month this year, and not in April, as usual,” said 2024 LSTAR Chair Kathy Amess. “However, the number of new listings was in line with the Association’s ten year average for the month of March,” she pointed out. Out of the 636 homes exchanging hands in March in LSTAR’s jurisdiction, 449 were single-family homes, 103 were townhouses, and 63 – apartments. The average price for a single-family

home in the London-St. Thomas area rose from to $708,044 last month, while that of a townhouse climbed to $531,369 last month. The average price of an apartment from our region surged to $403,560 in March. “In addition, the average prices for townhouses and apartments saw slight year-over-year gains, rising by 1.7% and 4.9% respectively,” Amess observed. “However, when compared to March 2023, the average price of a single-family home from our area decreased by 0.2%,” she added. Overall, the housing supply increased slightly in our region to 2.9 months in March. “LSTAR’s sales-to-new listings ratio sat at 51.6% last month, indicating a highly balanced real estate market,” Amess said. Statistics reflect market activity in March 2024 | Source: London St. Thomas Association of REALTORS ® | Market values stated are of the benchmark of London St. Thomas. Individual home market values vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

The greatest compliment my clients can give me is the referral of family and friends! BLAIR PATTON Sales Representative blairpatton@rogers.com www.BlairPatton.com Direct: 519.630.9883 Office: 519.438.2222

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