Kim Mullan Blog
Comparing the London-St. Thomas Real Estate Markets: July 2023 vs. July 2024
August 17th 2024
The real estate markets in London-St. Thomas have been a hot topic for homeowners, buyers, and investors alike. By examining the data from July 2023 and July 2024, we can uncover some key trends and shifts that have taken place over the year.
### Home Sales: A Slight Dip
In July 2023, the market saw 640 homes sold—a strong number indicating a healthy level of activity. Fast forward to July 2024, and we see a slight dip with 604 homes sold. While this decrease is not drastic, it does suggest that the market has experienced a bit of cooling. Despite fewer transactions, the market remains active, with plenty of movement still happening.
### Average Home Prices: A Minor Adjustment
One of the more noticeable changes between the two years is in the average home price. In July 2023, the average price of a home in the London-St. Thomas area was $668,821. By July 2024, this figure had adjusted downward to $654,593. This decline, while modest, signals a slight softening in the market. It could be that buyers are becoming more price-sensitive, or that the market is naturally correcting after several years of rapid price increases.
### New Listings: A Surge in Seller Confidence
Interestingly, the number of new listings increased significantly from 1,333 in July 2023 to 1,531 in July 2024. This jump suggests that sellers are feeling more confident about putting their homes on the market, likely because they believe there are still plenty of buyers out there. The increased supply of homes provides more options for buyers, contributing to a more balanced market.
### Market Balance: Less Competition, More Choices
The relationship between sales and new listings is a crucial indicator of market health. In 2023, the market was highly competitive, with a tighter sales-to-new-listings ratio. Buyers had fewer choices, which often led to bidding wars and higher prices. By 2024, however, the market showed signs of balancing out. With more homes on the market and slightly fewer sales, buyers enjoyed more options and potentially more negotiating power.
### Months of Inventory: Homes Staying on the Market Longer
Another telling statistic is the months of inventory, which represents how long it would take to sell all the current listings at the current sales pace. In July 2023, the months of inventory stood at 2.9, indicating a fairly brisk market. However, by July 2024, this figure had increased to 3.5 months. This rise means that homes are staying on the market a bit longer, another sign of the market cooling slightly.
### Market Sentiment: From Intense Activity to Stability
Reflecting on these changes, it’s clear that the London-St. Thomas real estate market has transitioned from the high-intensity environment of 2023 to a more stable and balanced market in 2024. In 2023, high prices and quick sales were the norm as the market was still adjusting from the unprecedented activity of the previous years. By 2024, sellers remained confident, but the power dynamic had shifted slightly, giving buyers more choices and reducing the fierce competition of the past.
The London-St. Thomas real estate market has seen some interesting shifts from July 2023 to July 2024. While home sales and prices have dipped slightly, the increase in new listings and longer time on the market indicate a transition towards a more balanced environment. This trend suggests that the market is stabilizing, providing opportunities for both buyers and sellers to navigate the real estate landscape with greater confidence and clarity. As we move forward, it will be fascinating to see how these trends continue to evolve and shape the local real estate market.