Adriaan Driessen

April Figures Suggest a Soft Landing of the Local Real Estate Market | London St. Thomas Association of Realtors

05/04/2022

LSTAR London St Thomas Association of Realtors Statistics for April 2022.

April Figures Suggest a Soft Landing of the Local Real Estate Market

In April 2022, 877 homes traded hands in the London-St. Thomas area and 1,069 new property listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The local housing supply bounced up to 1.2 months of inventory in April from only 0.6 months in March.

"These figures suggest a soft landing of the local real estate market: the April home sales are on par with the ten-year average and last month's sales-to-new listings ratio of 54.5% signals that we're trending towards a more balanced market," said Randy Pawlowski, 2022 LSTAR President.

Within the same time frame, LSTAR's composite Home Price Index Benchmark Price saw a 4.5% month-over-month decline - from $774,200 in March to $739,700 in April. A similar difference was also seen in LSTAR's overall average home price, which decreased from $823,954 in March to $771,682 in April.

"There is nothing dramatic about the decline in home prices. These single-digit decreases were actually expected after two consecutive interest rate hikes by the Bank of Canada and the Ontario Government's decision to expand and increase the non-resident speculation tax," Pawlowski explained.

The following table shows how April's average home sales prices in LSTAR's five main regions compare to the benchmark prices for the same areas.

April Figures Suggest a Soft Landing of the Local Real Estate Market | London St. Thomas Association of Realtors May 4, 2022 In April 2022, 877 homes traded hands in the London-St. Thomas area and 1,069 new property listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The local housing supply bounced up to 1.2 months of inventory in April from only 0.6 months...

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