Real Estate Recap: May 18 to May 24, 2020
Residential market analysis and a look at the highest- and lowest-priced listings in London last week
APRIL SAW A sales decline in London that mirrored the rest of the province ― volumes of sales and listings were down about 60 per cent, making it the slowest April in the last three decades. May has seen a considerable increase in volume over April, but compared to last year the London region is down about 40 per cent. Listings (inventory of houses for sale) are also at an unprecedented low. Pricing has been unaffected by the pandemic due to the limited supply of houses for sale. The higher end of the price scale ($700,000-plus) has seen some softening in volume and pricing, but it remains to be seen what the long-term effects will be. The low end of the market ($300,000 to $500,000) continues to be on fire, with demand outstripping supply.
No one can predict the future. We don’t know if there will a second wave of infections, or if come June the economy is unleashed and a flood of listings hit the market. Suffice to say, while inventory is low, its certainly not a bad time to list your property for sale. Realtors are mandated to keep you and their clients safe during this pandemic ― it may be time to take advantage of a tight market.
Details for the highest- and lowest-priced active residential real estate listings in London last week are provided below. Listings are broken down into three regions: London East, London North and London South (which includes data from the city’s West region).
Market analysis and listing compilation provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
London East
Highest-priced listing
Address: 77 Victoria Street
MLS number: 255889
List price: $1,799,000
Days on market: 31
Size: 5 bedrooms, 4 bathrooms
Listing agent: Sallie A McFarlane, Sales Representative, Re/Max Advantage Realty Ltd.
Lowest-priced listing
Address: 304-583 Mornington Avenue
MLS number: 260846
List price: $224,900
Days on market: 4
Size: 2 bedroom, 1 bathroom
Listing agent: Jarda Novotny, Sales Representative, Jakupi Realty Inc.
London North
Highest-priced listing
Address: 255 Delacourt Road
MLS number: 228453
List price: $1,895,000
Days on market: 222
Size: 7 bedrooms, 6 bathrooms, 10,638 square feet (above grade)
Listing agent: Sue-Anne Richardson, Sales Representative, Sutton Group – Select Realty, [email protected]
Lowest-priced listing
Address: 511-600 Grenfell Drive
MLS number: 258600
List price: $247,900
Days on market: 11
Size: 2 bedroom, 1 bathroom, 1,000 square feet
Listing agent: Joan Butler, Sales Representative, Sutton Group Preferred Realty Inc.
London South
Highest-priced listing
Address: 458 Kains Road
MLS number: 230144
List price: $2,395,900
Days on market: 210
Size: 5 bedrooms, 5 bathrooms
Listing agent: Owen Price, Sales Representative, Keller Williams Lifestyles Realty
Lowest-priced listing
Address: 20-198 Springbank Drive
MLS number: 240472
List price: $154,900
Days on market: 131
Size: 1 bedroom, 1 bathroom, 988 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty, [email protected]