Real Estate Recap: November 2 to 8, 2020
Residential market analysis and a sampling of high- and low-priced listings in London last week
Photo: 270 Victoria Street is listed for sale at $989,900
STOCK MARKETS SOAR among news of the U.S. election concluding and a promising coronavirus vaccine in the works. How will this impact our real estate market?
It’s too early to say, but generally it looks positive for all levels of our markets as we assume greater co-operation with our closest neighbour in the coming months.
For now, with a lame-duck president, we could see continuing volatile policy changes and general distrust of democracy from the White House, which is hopefully short-lived.
Our team has many new listings in the works, but it seems like no matter how much inventory we bring to market, there is so much pent-up demand that we cannot catch up with how many buyers are still looking.
We have so little inventory that if no new listings came up starting today, there would be nothing left within weeks
Multiple offers on a single listing are still the norm. We have so little inventory that if no new listings came up starting today, there would be nothing left within weeks.
Typically, we would expect a short reset of this situation during the colder months, but the last few winters have taken longer to slow down, and only slowed for a shorter time (if at all).
Our advice to sellers may be not to wait. Taking advantage of this extremely low inventory could be a safer bet than waiting until spring when there will certainly be a larger inventory of homes for prospective buyers to consider.
Buyers have not yet taken their foot off the gas this season, and it remains to be seen if they will.
Market analysis provided by Heather Gunn, Broker, A Team London. Heather can be reached at 519-870-4866 or [email protected].
London East
Low
Address: 24-3920 Dundas Street East
MLS number: 40040316
List price: $109,900
Days on market: 8
Size: 1 bedroom, 1 bathroom, 980 square feet
Listing agent: Brian Barfoot, Broker of Record, Peak Premier Realty & Auctions Inc. Brokerage
High
Address: 270 Victoria Street
MLS number: 40038351
List price: $989,900
Days on market: 17
Size: 3 bedrooms, 4 bathrooms
Listing agent: K. Ross Bentley, Sales Representative, Sutton Group Preferred Realty Inc.
London North
Low
Address: 18 Fairfax Court
MLS number: 40042241
List price: $289,900
Days on market: 4
Size: 3 bedroom, 3 bathroom, 1,245 square feet
Listing agent: Megan Phan, Sales Representative, and Nick Davies, Broker of Record, Homeology Real Estate Group
High
Address: 4-756 Riverside Drive
MLS number: 269169
List price: $2,300,000
Days on market: 138
Size: 4 bedrooms, 7 bathrooms
Listing agent: Jeffrey House, Sales Representative, Prime Real Estate Brokerage
London South
Low
Address: 701-45 Pond Mills Road
MLS number: 40023108
List price: $219,900
Days on market: 15
Size: 1 bedroom, 1 bathroom, 700 square feet
Listing agent: Tammy Gowling, Sales Representative, Red Door Realty Ltd.
High
Address: 101 Edwin Drive
MLS number: 4274847
List price: $1,989,900
Days on market: 97
Size: 5 bedrooms, 7 bathrooms
Listing agent: Dean Soufan, Broker of Record, and Shahin Tabeshfard, Broker of Record, Century 21 First Canadian Corp.
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.