LSTAR home sales set a new record in July, with 1,275 homes exchanging hands throughout the month in the Association’s jurisdiction. “This was not only the best July for LSTAR, but also for London, which saw 856 residential real estate transactions, a number that is way above the values typically recorded during this summer month,” said 2020 LSTAR President Blair Campbell.

The overall average home price increased to $484,884 in July, an increase of 19.6% over a year ago. This average sales price includes all housing types. All five major areas across LSTAR’s region witnessed gains in their average home sales price. The following table illustrates last month’s average home prices by area and how they compare to the values recorded at the end of July 2019.

Area                                        July 2020 Average Sale Price                          Change Over July 2019
Elgin County                                         $425,415                                                                       ↑26.9%
London                                                 $487,120                                                                       ↑17.5%
Middlesex County                                 $624,169                                                                       ↑ 30.3 %
St. Thomas                                           $394,093                                                                       ↑ 20.1%
Strathroy                                              $442,368                                                                       ↑ 16.8%
LSTAR                                            $484,884                                                            ↑ 19.6%

According to a report by the Canadian Real Estate Association, last month, in London, the median number of days that a home was on the market was 10 – down from 14 days in July 2019. “This means that our July home sales could translate into more than $85 million going back into the local economy within the next few years,” Campbell said.