Real Estate Recap: November 17, 2021
Residential market analysis and a sampling of high- and low-priced listings in London
Photo:3525 Silverleaf Chase is listed for sale at $1,849,000
THE A TEAM has an ever-growing list of buyers in search of affordable housing at prices below $500,000. As of today, there are 69 properties for sale in that price range, with only 15 of them being houses and the balance of them being townhouses or apartment/ condominiums.
Under $400,000 there are 10 houses listed. Remember, houses priced this low tend to sell for significantly over asking.
Homeowners are once again suffering through the torment of bidding on multiple homes, significantly over asking and never being the successful bidder. At the bottom price point of the market, the competition is greatest and sales percentage of successful offers above asking price is the most severe.
“It’s going to be a long, cold, competitive winter for London real estate”
The average home sale in London in October 2021 was $667,115 – a record in all of history. Exactly five years ago in October 2016, that number was $278,123. The prime lending rate was essentially the same five years ago as it is today (2.7 per cent vs 2.45 per cent).
The cost of housing has increased enormously as compared to average household income growth over the last five years. This means that housing in London and region has become dramatically more expensive for the average homeowner. Relatively affordable housing has been one of the main economic drivers for our region, often an attractor to both individuals and industry. It will be interesting to see how our current and future civic leaders choose to affect policy as it relates to zoning and housing production in the coming years.
Thanksgiving is behind us, and the holiday season is on our doorstep. The first snowfall has reminded us of what is to come. Housing inventory will continue to tighten over the holidays as listings dry up. We expect things to get worse for buyers over the next 120 days, before inventory starts to come online again as spring approaches. It’s going to be a long, cold, competitive winter for London real estate.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
Address: 112-2189 Dundas Street East
MLS number: 40187066
List price: $149,900
Days on market: 1
Size: 3 bedroom, 1 bathroom, 900 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Inc, Brokerage
Address: 2700 Trafalgar Street
MLS number: 40184577
List price: $1,800,000
Days on market: 11
Size: 3 bedrooms, 3 bathrooms, 3,250 square feet
Listing agent: Vincent Mitchell, Broker, Royal LePage Triland Realty
Address: 511-521 Riverside Drive
MLS number: 40185085
List price: $399,900
Days on market: 7
Size: 3 bedroom, 2 bathroom, 1,420 square feet
Listing agent: Bryan Negrijn, Sales Representative, Sutton Group-Select Inc., Brokerage
Address: 424 Palmtree Avenue
MLS number: 40182482
List price: $2,400,000
Days on market: 15
Size: 5 bedrooms, 4 bathrooms, 3,283 square feet
Listing agent: Osman Omar, Sales Representative, Re/Max Hallmark A Team
London South & West
Address: 710-1105 Jalna Boulevard
MLS number: 40186129
List price: $250,000
Days on market: 4
Size: 1 bedroom, 1 bathroom, 500 square feet
Listing agent: Heather Gorman Murray, Sales Representative, Century 21 First Canadian Corp., Brokerage
Address: 3525 Silverleaf Chase
MLS number: 40178985
List price: $1,849,000
Days on market: 19
Size: 5 bedrooms, 4 bathrooms, 3,398 square feet
Listing agent: Thomas Rauth, Sales Representative, Royal LePage Triland Realty
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.