421 homes were sold last month via the MLS System of the London and St. Thomas Association of REALTORS® (LSTAR), 8.9% less than in November 2022.
LSTAR Chair Adam Miller says while housing demand is high throughout the region and Canada, the resale data from November appears to indicate that this demand may not be reflected by the activity in the local real estate market for the remainder of this year, and possibly not until spring 2024.
The average home price in November for the entire jurisdiction of LSTAR was $605,661, exhibiting a modest decrease from $629,605 in October.
The number of newly listed properties declined from 1,232 in October to 928 in November. Despite the significant monthly drop, this number still represents a record high for new listings for the month of November.
