Number of London area homes listed for sale hits all-time low in September

The London area saw a record low number of homes listed for sale in September, which meant fewer homes sales for the month amid higher prices, according to the local real estate association. The London and St. Thomas Association of Realtors say the average price of a home was up 21 per cent over the same time last year to $386,520. Only 776 homes were sold last month amid 1,470 listings, the lowest level of homes for sale in the region ever seen, according to association president Jeff Nethercott."The available homes in our region are the lowest level we've seen on record," he said. "That continues to drive the sellers' market." But while real estate agents call it a "seller's market," fewer people seem to be selling. Last month, sales were down by six per cent compared to the same time last year.