Robust Growth in December
The London and St. Thomas Association of REALTORS® (LSTAR) is pleased to announce the latest real estate market statistics for December 2024. The market has shown robust activity, with a significant number of homes exchanging hands and a healthy influx of new listings. Year end statistics point towards positive increases from the year before.
Key Highlights for December:
Homes Sold: 392, reflecting a 2.6% increase from December of 2023.
New Listings: 533, marking a 17.9% rise compared to the previous December.
Average Sale Price: $636,667, up by 2.3% over the same period in 2023.
Active Listings: 2,198, showing a 17.9% increase from December of 2023.
LSTAR Chair Kathy Amess said, “We are pleased to report positive momentum in the real estate market as we close out 2024. The increase in new listings and active listings indicates a healthy and dynamic market. Our members have been working diligently to meet the needs of buyers and sellers, and we anticipate continued growth and success in 2025.”
Key Highlights for 2024:
Sales Activity: 8,088 homes sold, marking an 8.4% increase from the previous year.
Dollar Volume: $5,192,542,509, reflecting a 7.4% rise compared to 2023.
New Listings: 16,707, up by 10.9% year-over-year.
Active Listings: 2,563, showing a 23.9% increase from last year.
Average Sale Price: $642,006, virtually unchanged from 2023 at -0.9%
“Although the year began slowly, the reduction in interest rates has significantly boosted sales activity, resulting in encouraging market trends,” said Amess.
The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.
According to a recent study1 by Altus Group, an average housing transaction in Ontario generated an average of $88,966 in spin-off spending per transaction from 2020 to 2022. These expenses include legal fees, appraisers, moving costs, new appliances, and home renovation expenses.
LSTAR Chair Kathy Amess said, “We are excited to report that the real estate market generated over $5.19 billion in dollar volume for 2024. This represents a 7.4% increase from the previous year, showcasing the strength and resilience of our market.
Employment resulting from home sales is also significant, according to the Altus study. Resale housing activity created an estimated 106,565 jobs annually in Ontario from 2020 to 2022. Jobs include manufacturing, construction, finance and insurance.
Board & Association Information
The London and St. Thomas Association of REALTORS® (LSTAR) is one of Canada’s largest real estate associations, representing over 2,300 REALTORS® from London, St. Thomas, Strathroy, Middlesex County, & Elgin County. Guided by a ten-member Board of Directors and administered by a team of professional staff specialists, LSTAR strives to deliver excellent service to its Members, including not only its core service, the MLS® system, but also Arbitration, Education, Professional Standards, Communications, and Government and Community Relations. It is nationally recognized as a leader in technological innovation, political action and community service. As members of the Canadian Real Estate Association, LSTAR members may use the REALTOR® trademark, which identifies them as real estate professionals governed by a high standard of professional service and a strict Code of Ethics, committed to providing the best possible service to their clients and customers. The Association operates the local Multiple Listing Service® (MLS®), a co-operative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties for sale. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about LSTAR is available at www.lstar.ca
LONDON & ST. THOMAS ASSOCIATION OF REALTORS®
For more information,
please contact:
(519) 641-1400
info@lstar.ca
Kathy Amess
