A record number of homes changed hands in the London area in November.
According to the London St. Thomas Association of Realtors (LSTAR), 752 homes were sold in the area last month, making it the best November since the association began tracking data in 1978.
"We had another solid month, demonstrating the robust marketplace all across the region," said LSTAR President Earl Taylor. "There have been 9,658 home resales year-to-date, which is up 3.2 per cent compared to the same period in 2018, and we're on course to surpass last year's total sales."
November marked the second month in a row area realtors sold a record number of homes. In October, 928 homes changed hands - the organization's best October since 1978.
Within LSTAR's jurisdiction, it is still considered a seller's market, with the sales-to-new listings ratio sitting around 90.7 per cent. Ratios between 40 and 60 per cent is a balanced market.
"Several regions saw sales-to-new listings ratios above 100 per cent, including London East (105.6 per cent) and Strathroy (107.1 per cent),” Taylor said. "We're still experiencing low inventory levels, which also continues to impact the average home sales price in all regions."
The average home price in the London St. Thomas area was $416,116. That is an 10.6 per cent increase over November of last year.
