Real Estate Recap: October 5, 2021

Residential market analysis and a sampling of high- and low-priced listings in London

Photo: 1364 Corley Drive is listed for sale at $2,200,000

SEPTEMBER IS NOW behind us, and little has changed. There were about 600 active listings at the end of the month – half of number from last year and about a quarter of the number from five years ago. 

On average, listings sell for an eight per cent premium over the list price. So, the market remains tight, overbidding is still the norm and the number of new listings coming on the market is not keeping up with demand.

Demand is partially driven by immigration ― here are some prescient numbers: From 2011 to 2016, London averaged 3,600 new immigrants per year; from 2016 to 2021, the number grew to 8,400; the next five years projects 10,200 annually. 

Access to housing and housing affordability will be the most pressing issues for our municipal leaders in the next decade and beyond. This must get on the radar of our elected representatives and should be the driving issue for the municipal election 12 months from now.

Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.

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London East

Low

Address: 105-1170 Hamilton Road
MLS number: 40159105
List price: $169,900
Days on market: 39
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group- Select Realty Inc, Brokerage

High

Address: 1185 Richmond Street
MLS number: 40154973
List price: $1,699,999
Days on market: 50 
Size: 6 bedrooms, 5 bathrooms, 5,072 square feet
Listing agent: Jean Hoy, Sales Representative, Right at Home Realty Inc., Brokerage

London North

Low

Address: 36 Wyatt Street
MLS number: 40170297
List price: $299,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 1,000 square feet
Listing agent: Debbie Macleod, Sales Representative, Sutton Group-Select Realty Inc.

High

Address: 1364 Corley Drive
MLS number: 40156050
List price: $2,200,000
Days on market: 47
Size: 5 bedrooms, 5 bathrooms, 4,019 square feet
Listing agent: Carlo Castellani, Sales Representative, Century 21 First Canadian Corp., Brokerage

London South & West

Low

Address: 703-75 Huxley Street
MLS number: 40168275
List price: $249,900
Days on market: 7
Size: 1 bedroom, 1 bathroom, 609 square feet
Listing agent: John Holland, Sales Representative, Re/Max Centre City Realty Inc, Brokerage

High

Address: 3472 Grand Oak Crossing
MLS number: 40156360
List price: $1,999,900
Days on market: 43
Size: 6 bedrooms, 5 bathrooms, 4,289 square feet
Listing agent: Lynne Mallette, Sales Representative, Sutton Group-Select Realty Inc., Brokerage

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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.