Home Sales Rebound in June

After two consecutive months of sharp declines caused by the COVID-19 pandemic, local home sales saw a strong rebound in June. The London and St Thomas Association of REALTORS® reported that 1,188 homes exchanged hands last month in its jurisdiction, up 13.8% from June 2019 and 11.7% more than two years ago. As per Blair Campbell, 2020 LSTAR President “ This makes last month the second best June for home sales since LSTAR began tracking data, back in 1978”.

Middlesex County and Strathroy had their best June ever, with 99 and 39 home sales respectively; St. Thomas and Elgin County recorded their second best June, with 97 and 77 home sales respectively; and London’s 748 home sales were right on par with the five-year average. Campbell suggests, “Looking at London’s three main geographic areas, London South saw the highest number of home sales last month and the biggest price gain compared to June 2019,”.

Overall, the number of listings increased in June to 1,513, up 3.4% over June 2019. The overall average home price rose to $473,998 in June, an increase of 17.8% over a year ago and this includes all housing types. In London, the median number of days that a home was on the market was 9 – down from 10 days in June 2019.

Area                                        June 2020 Average Sale Price                          Change Over June 2019
Elgin County                                            $445,220                                                                       ↑ 32.6%
London                                                     $486,372                                                                        ↑19.3%
Middlesex County                                  $547,444                                                                        ↑ 9.8 %
St. Thomas                                              $382,862                                                                        ↑ 8.5%
Strathroy                                                 $425,277                                                                         ↑ 14.7%
LSTAR                                                $473,998                                                                    ↑ 17.8%

Lastly,  according to a research report, a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase. This means that the June home sales are potentially bringing over $80 million back into the local economy within the next few years.