Real Estate Recap: February 1 to 7, 2021

Residential market analysis and a sampling of high- and low-priced listings in London last week

Photo: A luxury home at 513 Warner Terrace is listed for sale at $1,698,000

IN THE LONDON region there are about 35 home sales per day through an average year. At that rate, we currently have about eight days inventory of homes actively for sale in our region.

If that sounds dramatic, it’s because it is. We have the perfect storm to create this uber-seller’s market:

Municipal government for years have not expanded their service levels to ensure the supply of lots, homes and apartments stays ahead of demand.

The construction labour force has not expanded; the construction trades are seriously understaffed; labour shortages are common.

Environmental hurdles, fully warranted and beneficial, have slowed the process of development approvals.

The complexity of construction, energy efficiency demands and safety requirements in multi-family housing are driving up costs.

Net immigration to our region has ballooned in the last five years ― even before the pandemic.

The Covid-driven trend to working from home, playing at home and general health fears have made many homeowners shy away from the purchase-sale-relocation process.

Covid-driven building material supply shortages are driving up costs and slowing the build process in the new home construction sector.

It’s increasingly difficult for homebuyers to find properties, and many won’t list until they’ve secured their next home ― thus keeping listings supply low ― exacerbating the problem.

We will continue to see a real estate market out of balance until some or all of these problems are resolved; the solution may be years away.

Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.

London East

Low

Address: 108-1830 Dumont Street
MLS number: 40063749
List price: $159,900
Days on market: 4
Size: 1 bedroom, 1 bathroom, 552 square feet
Listing agent: Reggie Tembo, Broker of Record, StreetCity Realty Inc.

High

Address: 966 Richmond Street
MLS number: 40048557
List price: $1,499,000
Days on market: 70 
Size: 5 bedrooms, 4 bathrooms, 3,164 square feet
Listing agent: Kim Mullan, Broker, Sutton Group – Select Realty

London North

Low

Address: 212 Monmore Road
MLS number: 40062467
List price: $339,900
Days on market: 6
Size: 3 bedroom, 2 bathroom, 1,256 square feet
Listing agent: Lorie Johnson, Sales Representative, Royal Lepage Triland Realty

High

Address: 513 Warner Terrace
MLS number: 40023002
List price: $1,698,000
Days on market: 145
Size: 4 bedrooms, 4 bathrooms, 3,700 square feet
Listing agent: Ravel Mullan, Sales Representative, Sutton Group – Select Realty

London South

Low

Address: 3101-733 Deveron Crescent
MLS number: 40062849
List price: $239,900
Days on market: 5
Size: 2 bedroom, 1 bathroom, 900 square feet
Listing agent: Susan Bos, Sales Representative, The Realty Firm

High

Address: 1939 Kilgorman Way
MLS number: 40061329
List price: $2,250,000
Days on market: 10
Size: 5 bedrooms, 4 bathrooms, 5,107 square feet
Listing agent: Dean Soufan, Broker of Record, Century 21 First Canadian Corp. Dean Soufan Inc.

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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.