Number of new listings in October reaches record high as housing market leans 'in favour of homebuyers': LSTAR

A real estate for sale sign is seen in London, Ont. on Dec. 6, 2022. (Gerry Dewan/CTV News London)

October marked a record month with the number of new listings hitting the market in the London, Ont. region, as the market is beginning to turn in favour of buyers.

According to the London and St. Thomas Association of Realtors (LSTAR), 488 homes were sold across the region during the month of October, representing a 2.45 per cent increase over September.

There were a total of 1,232 new listings in October -- a record high.

"Amid healthier inventory levels, modest sales, and a surge in new listings, it appears the local housing market is leaning in favour of homebuyers. The scales are tilting, offering buyers greater opportunities,” said Adam Miller, 2023 LSTAR chair.

The average home price in October was $629,605, down from $633,848 in September, according to LSTAR.

In addition, the sales-to-new-listings ratio was 39.6 in the month of October, up from 36.1 per cent in September, but down from 46.9 per cent in August. According to the Canadian Real Estate Association, a ratio of between 40 and 60 per cent is typically consistent with a “balanced market.”

"In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they've truly reached their peak or if they still have room to grow,” Miller explained.

The most expensive areas in LSTAR’s jurisdiction for average home prices in October was Middlesex Centre, London North and Central Elgin, at $1,017,529, $714,362, and $711,866 respectively.

"Compared to provincial and national benchmarks, homes within the LSTAR jurisdiction maintained their reputation for affordability, making our region an appealing housing market for many," Miller said.