The start of 2022 was hot in London. At least in the real estate market.
Home prices jumped up significantly in January according to the London St. Thomas Association of Realtors. A total of 529 homes exchanged hands, making it the second-best January on record since 1978. The local market saw 669 new listings throughout the first month of the year, and 286 homes remained on the market by the start of February.
Randy Pawlowski, LSTAR’s 2022 President, said that while slightly more homes were listed in January compared to December 2021, inventory remains very low.
“In other words, at the current pace of sales, the entire listing inventory of LSTAR could be liquidated in just two weeks, something that we have never seen before,” Pawlowski said.
With not much on the market, average home prices soared close to the $800,000 mark.
“At the end of January, LSTAR’s overall sales-to-new-listings ratio was 79.1 per cent, 5.9 per cent lower than a year ago, but the LSTAR average home price climbed to $793,222 – almost $90,000 higher than in December 2021 and more than double the value recorded back in January 2019,” Pawlowski explained.
Condominiums and apartments continue to appeal to first-time buyers due to their relative affordability compared to other home types. In January 2022, the average price for a condo in the London area climbed to nearly $644,000, while apartments sold for an average of $463,000.
Average home sale prices in the London-area for January 2022. (Table and data supplied by LSTAR.)
