Home sales off to a slow start, but real estate officials not concerned

LSTAR numbers for January show a 20 per cent drop in sales, compared to the previous year.

Home sales in the London St. Thomas market slowed in January compared to one year ago, but real estate officials say they’re encouraged by an increase in listings.

According to the London St. Thomas Association of Realtors, 370 homes changed hands in January, down 20.3 per cent from the same period last year.

The average home price was $639,486, up 4.5 per cent compared to one year earlier.

“We had an increase of just, I think, 12 per cent of new listings coming out for January, which is again, a good sign,” said Association CEO Bill Madder.

The latest home sales figures come on the heels of another interest rate cut of 25 basis points by the Bank of Canada late last month.

“We thought the last cut was going to be the last one for a while,” said Madder.

“Now, with what’s happening recently, that may change again. But I think when people thought that was going to be it for a while, they’re more likely to come out and stop looking again.”