Photo: 118-320 Sugarcreek Trail is listed for sale at $349,900
WE ARE APPROACHING the valuation stage for real estate that could be entitled Musical Chairs.
The question on everyone’s mind: Is the music going to stop, and will I be the last one standing with a property that I overpaid for?
We are seeing indications that the over-the-top excessive bids on property are increasingly rare. Valuation increases have continued, but at a more measured pace with fewer outliers. Some listings holding offers don’t receive any, but it should be noted that sellers’ expectations have not subsided.
“The question on everyone’s mind: Is the music going to stop, and will I be the last one standing with a property that I overpaid for?”
Over the last 90 days, we’ve seen federal and provincial governments make the informed decision not to enact legislation to cool the rise in real estate values. Perhaps this is not a “bubble” of irrational exuberance, but a realistic imbalance of demand exceeding supply. Unless you’ve been sitting on the sidelines and not able to land a property, there have been only winners enjoying value gains.
If the market settles down near or at this current record setting valuation, and we don’t have a correction that everyone fears, then we will have realized another typically Canadian phenomenon we’ve come to take for granted ― the soft landing.
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: 204-1174 Hamilton Road
MLS number: 40067682
List price: $150,000
Days on market: 55
Size: 1 bedroom, 1 bathroom, 437 square feet
Listing agent: Bill McLeod, Sales Representative, and Nikki Morris, Sales Representative, Century 21 Heritage House
High
Address: 7 Gibbons Place
MLS number: H4100586
List price: $1,398,000
Days on market: 33
Size: 4 bedrooms, 3 bathrooms, 2,589 square feet
Listing agent: Sarah Butler, Sales Representative, Re/Max Escarpment Realty Inc.
London North
Low
Address: 118-320 Sugarcreek Trail
MLS number: 40100632
List price: $349,900
Days on market: 1
Size: 1 bedroom, 1 bathroom, 729 square feet
Listing agent: Mark Hammond, Sales Representative and Matt Lobsinger, Sales Representative, Century 21 First Canadian Corp.
High
Address: 215 Pebblecreek Walk
MLS number: 40100785
List price: $1,799,900
Days on market: 1
Size: 5 bedrooms, 4 bathrooms, 5,139 square feet
Listing agent: Drew Johnson, Broker of Record, Coldwell Banker Power Realty, Brokerage
London South & West
Low
Address: 1107-45 Pond Mills Road
MLS number: 40100003
List price: $199,900
Days on market: 1
Size: 2 bedroom, 1 bathroom, 752 square feet
Listing agent: Joe Reinhart, Broker of Record, Reinhart Realty
High
Address: 228 Commissioners Road East
MLS number: 400744617
List price: $2,500,000
Days on market: 49
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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