London-area sets apartment, condo sale records in November

As the overall housing inventory in London and the surrounding area remains low, it appears buyers are starting to invest in high-rise homes.

On Thursday, the London St. Thomas Association of Realtors (LSTAR) released statistics from November 2021 which show that last month was the second-best November on record since the association started tracking data in 1978.

According to the report, 816 properties were sold bringing LSTAR’s year-to-date total of transactions to 10,445. There were only 379 active listings on the local market at the end of November which translates to 0.5 per cent of inventory.

“This value represents a new record low for our region’s inventory and means that, at the current sales pace, the entire housing inventory of LSTAR could be liquidated in only two weeks,” LSTAR President Jack Lane explained.

Sale prices for LSTAR went up just slightly compared to October 2021. The overall average home price in November reached $673,995.

While single-family homes are among the most sought out type of properties by prospective buyers, with 593 units sold, LSTAR said a record-breaking number of apartments and condominiums were purchased.

“Last month was our association’s best November for condo and apartment sales, with 111 condo townhouses and 79 apartments exchanging hands,” Lane said.

The average price for an apartment purchased in the London-area last month was $370,000, a 31.5 per cent increase compared to November 2020.

While prices for all styles of homes in the region have increased by over 30 per cent in the last year, London remains as one of the more affordable cities in southern Ontario with Ottawa, the Niagara Region, Kitchener-Waterloo and Hamilton-Burlington Toronto proving to be significantly more costly.

Meanwhile, Windsor-Essex and some cities in Alberta are currently experiencing lower housing costs than the London-area.

Table based on data taken from the CREA National Price Map for November 2021.

Table based on data taken from the CREA National Price Map for November 2021.

 


Read original story from London Ontario – BlackburnNews.com

Similar Posts