London-area homes sales on track for record year
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The year is shaping up to be a record one for homes sales in the London area, the London and St. Thomas Association of Realtors says.
With 864 homes sold in September – the second highest total for the month since records started to be kept in 1978 – the London area is on pace to top the record for annual sales set in 2017 when 11,203 homes were sold, the association said Tuesday.
In the first nine months of 2021, 8,756 homes have been sold, “an unprecedented total for our September year-to-date figures,” said Jack Lane, president of LSTAR.
Year-to-date sales are nearly 18 per cent ahead of what they were for the first nine months of 2017.
The average selling price in September was $690,861 for homes sold in London, St. Thomas and parts of Middlesex and Elgin counties.
At the end of the month, there were only 628 active listings in the London area, the lowest number on record for September.
“These figures show clearly that houses in our area are in very short supply,” Lane said.
At the current sales pace, all homes on the market would be sold in a little more than two weeks if no other homes were listed, the association said.
Homes in most areas sold in an about a week, with homes in Elgin taking a little longer.
Sales of condo townhouses and apartments are on track for a record year, the association said, with 1,087 townhouses and 812 apartments changing hands in the first nine months of 2021.
Average selling prices last month ranged from a high of $921,217 in Middlesex Centre to $613,571 in Central Elgin. London North had the highest selling prices in the city, with an average of $752,925.
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