January 2021 Market Update

Local Housing Market Shatters New Records

The London and St. Thomas resale housing market started the year by shattering new records. 547 homes exchanged hands last month in our area, the highest number of home sales for the month of January since the Association began tracking data in 1978. 

“2021 came in like a lion for the LSTAR housing market, which continues to see very low inventories and record home prices in all its main areas,” said 2021 LSTAR President Jack Lane. “Across all LSTAR main regions we witnessed increases not only in average home prices – which can be sometimes skewed by a few outliers – but also in the HPI benchmark prices for these regions – which paint a more accurate picture of the local property values,” Lane emphasized.

The following table shows last month’s benchmark prices by area and how they compare to the average prices recorded during the same month.

Area January 2021 MLS® HPI Benchmark Price January 2021 Average Price
Elgin $497,900 $524,238
London East $443,100 $423,686
London North $623,300 $725,176
London South $504,100 $705,148
Middlesex $725,300 $603,740
St. Thomas $392,500 $498,372
Strathroy $571,800 $629,741
LSTAR $511,500 $607,431

In January 2021, the aggregate average price for the entire jurisdiction of LSTAR sat at $607,431, also an all-time high for our area.

An important measure of the health and sustainability of a housing market is inventory, which shows how long it would take to liquidate the existing supply at the current rate of sales activity.  At the end of January, there were 0.8 months of inventory across the entire LSTAR area, slightly higher than in December, but still at one of the lowest levels in the past 10 years.

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