Real Estate Recap: July 13 to 19, 2020
Residential market analysis and a sampling of high- and low-priced listings in London last week
“ANALYSTS SAY THE price of an average home in the London area could hit $450,000 in 2020, as continued strong demand for homes is predicted to outpace supply.”
The above was taken from a CBC London story posted on December 28, 2019.
And they were partly right.
Partly, because we blew past that average price prediction months ago. Now, the average resale price for a single detached home in the city is pushing $480,000, with more price inflation likely to come.
“On average, if you’ve owned a home for the last four years, you have $200,000 more equity in your pocket”
The wealth created in London in the last four years is truly astounding. On average, if you’ve owned a home for the last four years, you have $200,000 more equity in your pocket. This fuels renovations, relocations, refinancing opportunities, income property investments, and obviously discretionary spending (trips, cars, education, investments). The city is prospering, and retirement is more assured for its land-owning citizens.
On the other hand, for those with less, renting or living on the margins, the wealth disparity is widening. And that will be the focus of next week’s update.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
London East
Low
Address: 907-583 Mornington Avenue
MLS number: 274768
List price: $159,900
Days on market: 5
Size: 1 bedroom, 1 bathroom
Listing agent: Scott Vannord, Sales Representative, Sutton Group – Select Realty
High
Address: 397 St. George Street
MLS number: 266289
List price: $1,999,900
Days on market: 29
Size: 6 bedrooms, 3 bathrooms
Listing agent: Sherry Farid, Sales Representative, Re/Max Centre City Realty Inc.
London North
Low
Address: 812-600 Grenell Drive
MLS number: 274123
List price: $203,900
Days on market: 7
Size: 1 bedroom, 1 bathroom, 658 square feet
Listing agent: Christopher Brendan Mooney, Broker of Record, FSBO Real Estate Inc. Brokerage
High
Address: 4-756 Riverside Drive
MLS number: 269169
List price: $2,300,000
Days on market: 26
Size: 4 bedrooms, 7 bathrooms
Listing agent: Jeffrey House, Sales Representative, Prime Real Estate Brokerage
London South
Low
Address: 77-198 Springbank Drive
MLS number: 267011
List price: $123,900
Days on market: 35
Size: 2 bedroom, 1 bathroom, 800 square feet
Listing agent: Karen Greason, Sales Representative, Re/Max Centre City Realty Inc.
High
Address: 20689 Denfield Road
MLS number: 264124
List price: $2,850,000
Days on market: 43
Size: 5 bedrooms, 6 bathrooms, 3,272 square feet
Listing agent: Rob Sanderson, Broker of Record, Re/Max Advantage Sanderson Realty Brokerage
Disclaimer: London Inc. does not guarantee the accuracy of the statistical data on this page. The data does not represent the listings of any one agent or agency but represents the activity of the real estate community in the area. Any real estate agent’s ad appearing is separate from the statistical data provided, which is in no way a part of their advertisement.