August 2023 LSTAR Real Estate Data is In!

LSTAR (The London and St. Thomas Association of REALTORS®) has released the data for August 2023, giving us an insightful snapshot of the real estate market. In this blog post, we will delve deep into the month-to-month and year-to-date numbers to understand the market trends and how they compare to previous years.

Month vs. Month Review

When looking at August 2023 in comparison to the same month in the previous year, we observe some interesting figures.

Homes Sold: 569 homes were sold in August 2023, marking a decline of 3.2% from August 2022.

New Listings: 1,211 new listings were registered, reflecting an increase of 13.2% compared to August 2022.

Inventory: The inventory in August 2023 stood at 3.4 months, which is slightly higher than the 2.9-month inventory of August 2022.

Sales-to-List Ratio: This ratio declined to 46.9% from 54.9% in August 2022.

Average Home Sale Price: The average price rose by 4.2% year-over-year, reaching $663,663 in August 2023.

MLS HPI Benchmark Price: This benchmark price was $607,400 in August 2023.


Year-to-Date Review: August 2023

Taking a broader perspective, let's see how the real estate scenario has unfolded year-to-date until August 2023.


Sales Activity: A total of 4,994 homes have been sold, showing a decline of 15.4% compared to YTD August 2022 and a sharp decrease of 37% compared to YTD August 2021.

New Listings: There were 8,988 new listings by the end of August 2023, down by 16.1% from August 2022 YTD and a drop of 6.6% from August 2021 YTD.

Active Listings: The active listings stood at 1,531 for August 2023, up by a significant 32.2% YTD from August 2022 and a whopping 149.4% from August 2021 YTD.

Sales to New Listing Ratio: The ratio for 2023 YTD is 55.6%, a marked decrease from the 82.4% of August 2022 YTD and a further decline from 111.3% in August 2021 YTD.

Months of Inventory: The YTD data for 2023 shows an inventory of 2.5 months, while August 2022 YTD recorded 1.6 months and August 2021 had an even lower inventory at 0.6 months.

Average Home Price: The average home price YTD for August 2023 is $656,304. This represents a decrease of 12.9% from August 2022 YTD, but a rise of 4.4% from August 2021 YTD.

Sales to List Price Ratio: This ratio YTD is 99.2%, a decline from 111.3% in August 2022 and 111.7% in August 2021.

The August 2023 LSTAR data provides a clear picture of the evolving real estate market. While there's been a cooling in terms of sales activity and sales to list price ratio, it's evident that inventory levels are increasing, offering more choices to potential buyers. Prices remain resilient, indicating the enduring appeal of homes in the London and St. Thomas region.

For a more detailed breakdown and expert opinions on the latest trends, be sure to visit LSTAR’s official website.