Residential market analysis and a sampling of high- and low-priced listings in London last week
Photo: A condo unit at 49 Ridout Street South is on the market for $249,900
THE JANUARY STATISTICS are shocking.
The London and St. Thomas markets experienced records that are unprecedented to say the least.
Number of home sales: 547 (Average for past 10 years: 450)
Active Listings: 448 (Average for past 10 years: 1,600)
Days of inventory: 24 (Average for past four years: 120)
Average price: $607,431 (Average price 10 years ago: $280,000)
The market is seriously imbalanced. There aren’t enough listings of new homes, resale homes or condos to satiate the market. The pandemic shutdown is making things worse by slowing new permit activity, slowing construction pace and driving up new build costs.
The relative affordability of the regional real estate market is eroding, thus impacting our long-term ability to attract new residents.
We will need a concerted effort on behalf of our municipal government to rapidly increase the pace of approvals for permits and development applications. We must, of course, have smart as well as aggressive growth. The region’s biggest employment sector is the construction industry. That industry can provide a leg up as we try to climb out of this pandemic slump over the next few years.
Address: 835 Queens Avenue
MLS number: 40060864
List price: $199,000
Days on market: 4
Size: 3 bedroom, 1 bathroom, 960 square feet
Listing agent: Ryan Hodge, Broker of Record, Sandra Tavares, Broker, The Realty Firm Inc.
Address: 966 Richmond Street
MLS number: 40048557
List price: $1,499,000
Days on market: 63
Size: 5 bedrooms, 4 bathrooms, 3,164 square feet
Listing agent: Kim Mullan, Broker, Sutton Group – Select Realty
Address: 702-600 Grenfell Drive
MLS number: 40060106
List price: $229,900
Days on market: 6
Size: 2 bedroom, 1 bathroom, 900 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group Select Realty Inc.
Address: 513 Warner Terrace
MLS number: 40023002
List price: $1,698,000
Days on market: 138
Size: 4 bedrooms, 4 bathrooms, 3,700 square feet
Listing agent: Ravel Mullan, Sales Representative, Sutton Group – Select Realty
Address: 3-49 Ridout Street South
MLS number: 40061722
List price: $249,900
Days on market: 1
Size: 2 bedroom, 1 bathroom, 1,000 square feet
Listing agent: Diane Gordon, Sales Representative,
Ainsley Gordon, Broker or Record, London Living Real Estate
Address: 1939 Kilgorman Way
MLS number: 40061329
List price: $2,250,000
Days on market: 3
Size: 5 bedrooms, 4 bathrooms, 5,107 square feet
Listing agent: Dean Soufan, Broker of Record, Century 21 First Canadian Corp. Dean Soufan Inc.
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.