Housing Market for March 2021

“The London and St. Thomas Association of REALTORS® (LSTAR) announced 1,296 homes exchanged hands in March, an increase of more than 56% compared to the same time a year ago. The total sales are the highest recorded for the month of March since the Association began tracking data in 1978.

In our local marketplace, 100% of the listing inventory is selling every 31 days. Another way of looking at it is that every house that was listed in London over the last 31 days has sold. Once again this is an indication that the local market for the month of March strongly favoured sellers. Covid 19 pandemic has not adversely affected the local real estate market. If you are considering selling your home in the city of London or the surrounding area, there has never been a better time.

The city of London currently has 0.4 months of available inventory with 414 properties listed for sale or lease. For reference in March 2020 our market had 1.4 months of inventory which at the time was considered a strong seller’s market. Of the properties currently on the market in London, of those listed 272 are single-family residential dwellings. The remaining are condominium-style properties.