Real Estate Recap: September 1, 2021
Residential market analysis and a sampling of high- and low-priced listings in London
Photo: 1938 Kilgorman Way is listed for sale at $4,800,000
THE LAST FEW years were unusual, during which the summer months showed little sign of a sales slowdown. This summer was much calmer and more typical to previous trends. This was likely due to the lockdown ending just as summer began.
As of yesterday, there were 366 active residential listings in London. In the last seven days, 148 residential listings were sold. As these numbers illustrate, we have just over two weeks inventory, continuing the trend of the last two years. Homeowners haven’t flooded the market with listings, meaning the seller’s market continues and limited supply endures. Most agents and mortgage brokers we talk to believe the market will strengthen in the fall, with renewed activity and many more listings.
The status of the Covid-19 situation may help to fuel the rebound. The region has achieved more than 75 per cent full vaccination rate, and that’s just as employers and institutions are beginning to introduce mandates. The provincial government has belatedly announced a vaccine passport system is in development to assist businesses and provide for safe operating procedures.
As we gain renewed confidence in our recovery, we are likely to see sustained economic growth, nearly full employment and a robust real estate market. You may want to take advantage of this short period of calm ― it may not last.
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: 105-1170 Hamilton Road
MLS number: 40159105
List price: $169,900
Days on market: 4
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Scott Vannoord, Salesperson, Sutton Group –Select Realty Inc.
High
Address: 151 Travelled Road
MLS number: 40120910
List price: $2,800,000
Days on market: 92
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: 213-511 Gainsborough Road
MLS number: 40157518
List price: $169,900
Days on market: 5
Size: 1 bedroom, 1 bathroom, 675 square feet
Listing agent: Matthew Joseph Santagapita, Sales Representative, ReMax Centre City Realty, Brokerage
High
Address: 1382 Corley Drive
MLS number: 40129877
List price: $2,698,800
Days on market: 74
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: 2o4-1106 Jalna Boulevard
MLS number: 40154357
List price: $239,900
Days on market: 8
Size: 1 bedroom, 1 bathroom, 500 square feet
Listing agent: Marcia Beaton, Sales Representative, EXP Realty, Brokerage
High
Address: 1938 Kilgorman Way
MLS number: 40146198
List price: $4,800,000
Days on market: 36
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.