This year is looking to be one with a record amount of homes sales in the London and St. Thomas area. So says the London and St. Thomas Association of Realtors, or LSTAR for short. In a market update released by LSTAR it was revealed that 864 homes were sold in the month of September alone. This is the second highest total for September since the organization started keeping records of houses bought in 1978.
If London homes continue to be sold so quickly, the London area may very well be on pace to top the record for annual home sales set back in 2017 when a total of 11,203 homes were sold. Within the first nine months of 2021 the London and St. Thomas Association of Realtors saw 8,756 be sold, an unprecedentedly high number. They are currently 18 per cent ahead of their previous record year within the same time frame (2017 Jan-September). By the end of this September, the London area only had 628 active listings. This shows the community’s clear need for housing, the average selling price for home’s in September was $690,861.
Average selling prices in the month of September ranged from a high of $921,217 in the Middlesex Centre area to $613,571 within Central Elgin. London North had the highest selling prices in the city overall, with an average of $752,925. With such a large need for housing within the city and prices being what they are, it does make one wonder how the future housing situation may look. How might the future reflect the past, looking at these trends? We sat down with a Fanshawe student and potential future homeowner about their thoughts.
Kal Brown
Kal: ” In the future I’d like to see the price of houses in general decrease, as upwards of nine hundred thousand dollars isn’t always affordable for most people. For there to continue to be a high market with supply (referring to supply and demand economics) then the prices need to come down because as of right now I cannot see myself owning a house in the future due to the price. ”
At the pace houses are currently selling, all homes on the market would be sold in a little more than two weeks if no other homes in the London area were listed, the association said. Future home owners can remain hopeful that housing in the future will reflect the community’s financial abilities. If you are interested, you can read the originally released news report (released by LSTAR) here.
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