Photo: 1096 William Street is listed for sale at $1,199,000
THE MARKET IS becoming schizophrenic. Some listings continue to pull multiple offers and break pricing records. Other listings are arriving at offer day and hearing crickets.
Sellers are wanting to take advantage of unprecedented price levels, so listings have picked up. Developing pricing strategies for an individual property is becoming increasingly complex. Every price-point is unique and every property is unique, requiring a strategy of its own. Just because there was an irrational valuation on a similar property in recent weeks doesn’t mean another irrational buyer will match it.
“Just because there was an irrational valuation on a similar property in recent weeks doesn’t mean another irrational buyer will match it”
We will inevitably see a pricing plateau, but no one can predict when that will be.
As we come out the pandemic, with vaccine programs in full swing, we all expect an economic boom. It’s unlikely there will be an economic contraction as we trend back towards normality. With all that in mind, a pricing correction is unlikely, at least in our local market. Steady as she goes!
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: 210-1174 Hamilton Road
MLS number: 40078426
List price: $150,000
Days on market: 6
Size: 1 bedroom, 1 bathroom, 500 square feet
Listing agent: Matthew Regan, Broker, and Jeff Nethercott, Broker, Royal LePage Real Estate
High
Address: 1096 William Street
MLS number: 40069861
List price: $1,199,000
Days on market: 49
Size: 8 bedrooms, 3 bathrooms, 5,312 square feet
Listing agent: Claudia Mihalache, Sales Representative, StreetCity Realty Inc.
London North
Low
Address: 226 Homestead Crescent
MLS number: 40078003
List price: $339,900
Days on market: 6
Size: 3 bedroom, 2 bathroom, 1,330 square feet
Listing agent: Ryan Hodge, Broker of Record, and Sandra Tavares, Broker, The Realty Firm Inc.
High
Address: 235 Pebblecreek Walk
MLS number: 40081208
List price: $2,149,900
Days on market: 8
Size: 4 bedrooms, 4 bathrooms, 4,358 square feet
Listing agent: Richard Clinton Cane, Sales Representative, and Scott Purdy, Broker, Royal LePage Triland Premier Brokerage
London South & West
Low
Address: 37-198 Springbank Drive
MLS number: 40084262
List price: $129,900
Days on market: 1
Size: 2 bedroom, 1 bathroom, 825 square feet
Listing agent: Vincent Mitchell, Broker, Rinehart Realty
High
Address: 228 Commissioners Road East
MLS number: 400744617
List price: $2,500,000
Days on market: 21
Size: 5 bedrooms, 6 bathrooms, 4,890 square feet
Listing agent: Danny Gole, Sales Representative, and Daniel Louis Polakovic, Sales Representative, The Agency Real Estate
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.
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