Photo: 1938 Kilgorman Way is listed for sale at $5,150,000
AS WE CLOSE in on the end of July, the summer seems half done and the rabid real estate market feels like a distant memory.
For the first half of the year, the market was booming, to say the least. Through May and June, homeowners flooded the market with new listings, hoping to take advantage of the run up in values. The increase in listings coincided with slowing demand.
Listings in July are sitting on the market about 15 per cent longer than in June, even though the number of listings has declined by about 30 per cent as compared to last month.
Away from the numbers, our team’s experience over the last six weeks has been a dramatic slowdown in market activity.
“Listings in July are sitting on the market about 15 per cent longer than in June, even though the number of listings has declined by about 30 per cent as compared to last month”
Economists tell us to fear a Canadian real estate bubble. We must be wary of our vulnerability to mortgage rate increases, while at the same time hearing that we shouldn’t expect rates to increase in the foreseeable future. There are mixed messages, and we have little confidence in being able to predict the future.
That being said, there are properties available at a “discount” to the values we were seeing only 60 days ago. If you’re a buyer, take advantage of this softening while you can.
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: 79-2189 Dundas Street East
MLS number: 40138177
List price: $135,000
Days on market: 18
Size: 2 bedroom, 1 bathroom, 818 square feet
Listing agent: Danica Dixon, Sales Representative, EXP Realty, Brokerage
High
Address: 151 Travelled Road
MLS number: 40120910
List price: $2,800,000
Days on market: 57
Size: 11 bedrooms, 5 bathrooms, 6,120 square feet
Listing agent: Geoff Mitchell, Sales Representative, ReMax Centre City Realty Inc., Brokerage
London North
Low
Address: 803-600 Grenfell Drive
MLS number: 40146146
List price: $329,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 900 square feet
Listing agent: Mazinder Singh Lotey, Sales Representative, Royal Lepage Triland Realty
High
Address: 1382 Corley Drive
MLS number: 40129877
List price: $2,698,800
Days on market: 39
Size: 5 bedrooms, 5 bathrooms, 3,320 square feet
Listing agent: Kim Mullan, Broker, Sutton Group, Select Realty Inc., Brokerage
London South & West
Low
Address: 93-198 Springbank Drive
MLS number: 40140479
List price: $149,900
Days on market: 18
Size: 1 bedroom, 1 bathroom, 660 square feet
Listing agent: Ev Threadgould, Sales Representative, The Realty Firm Inc., Brokerage
High
Address: 1938 Kilgorman Way
MLS number: 40146198
List price: $5,150,000
Days on market: 1
Size: 6 bedrooms, 5 bathrooms, 4,285 square feet
Listing agent: Simon A Farrugia, Sales Representative, Sutton Group Preferred Realty Inc. 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.
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