Real Estate Recap: May 26, 2021
Residential market analysis and a sampling of high- and low-priced listings in London
Photo: Woodholme Manor at 255 Delacourt Road is listed for sale at $1,985,000
IN THE MIDDLE of May, there were approximately 600 homes for sale in the region, which represents about two weeks inventory. Given a record number of transactions so far this year (4,000-plus), we struggle to add inventory as homes sell as quickly as their listed. The lesson here? Although price growth has slowed considerably, it will take a long time before we get back to market balance.
Tight inventory has certainly contributed to unprecedented price gains. It can be hard to fathom how fast and far the market has moved. Perhaps these statistics can help tell the story:
• One in six homes for sale in the region is priced at more than $1,000,000;
• There are as many homes priced over $1,000,000 as there are priced under $400,000;
• In the last 90 days, there were 400-plus transactions in the region that topped $1,000,000;
• Every five hours for the last 90 days, a $1,000,000-plus house was sold in our region.
Low interest rates continue to allow buyers to qualify for homes priced much higher than they ever could have imagined. Recent amendments to the mortgage stress test will slightly reduce the abilities of entry level buyers to qualify for the homes they want. The good news perhaps is that such measures help ensure Canada continues taking the steps necessary for a “soft landing” to be realized. Love this country!
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
London East
Low
Address: 204-1174 Hamilton Road
MLS number: 40067682
List price: $150,000
Days on market: 90
Size: 1 bedroom, 1 bathroom, 437 square feet
Listing agent: Bill Mcleod, Sales Representative, Nikki Morris, Sales Representative. Century 21 Heritage House Ltd. Brokerage
High
Address: 966 Richmond Street
MLS number: 40112038
List price: $1,449,000
Days on market: 14
Size: 5 bedrooms, 4 bathrooms, 3,146 square feet
Listing agent: Kim Mullan, Broker, Sutton Group- Select Realty Inc., Brokerage
London North
Low
Address: 1001-1600 Adelaide Street North
MLS number: 40114975
List price: $289,900
Days on market: 7
Size: 2 bedroom, 1 bathroom, 945 square feet
Listing agent: Heather Johnston,Broker, Ryan Mulligan, Broker of Record, Remax Centre City Realty Inc. Brokerage and Remax Centre City Mulligan Realty Group., Brokerage
High
Address: 255 Delacourt Road
MLS number: 40117967
List price: $1,985,000
Days on market: 4
Size: 7 bedrooms, 6 bathrooms, 10,638 square feet
Listing agent: Sue-Anne Richardson, Sales Representative, Sutton Group-Select Realty Inc., Brokerage
London South & West
Low
Address: 209-1588 Ernest Avenue
MLS number: 40110362
List price: $229,900
Days on market: 14
Size: 3 bedroom, 2 bathroom, 1,021 square feet
Listing agent: Scott Vannoord, Salesperson, Sutton Group-Select Realty Inc., Brokerage
High
Address: 3074 Westminister Drive
MLS number: 400744617
List price: $2,700,000
Days on market: 32
Size: 4 bedrooms, 3 bathrooms, 3,683 square feet
Listing agent: Robert Ure, Sales Representative. Alexis Day, Sales Representative, Century 21 First Canadian Corp., Brokerage
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.