Photo: 484 Westmount Drive is listed for sale at $2,100,000
THE ONGOING SHORTAGE in active listings is by far the most significant issue affecting the local real estate market. Listings are down almost 50 per cent from last year, which was already an incredibly tight market.
This inventory shortage affects everyone trying to buy a home and continues to drive up prices in this hyper competitive market. The holiday and winter season will further exacerbate the problem as fewer homeowners are inclined to list their homes for sale, these being traditionally the slowest months of the year.
“It’s a difficult time to be active in the real estate market, with the only winners being those downsizing or rightsizing, and those relocating from more expensive markets”
The tight market worsens housing affordability and drives first-time buyers further afield in an effort to “drive until they qualify”. The rental market is increasingly competitive as well. Fewer renters are moving out to buy their first home, frustrated by repeatedly missing out in multiple offer scenarios. The cost of apartment and house rentals has been on a constant rise for years, with no sign of abatement.
It’s a difficult time to be active in the real estate market, with the only winners being those downsizing or rightsizing, and those relocating from more expensive markets, such as the GTA. Choose carefully when selecting a professional realtor to work with ― and appreciate that your search may take time and perseverance.
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: 407-583 Mornington Avenue
MLS number: 40168663
List price: $250,000
Days on market: 62
Size: 1 bedroom, 1 bathroom, 500 square feet
Listing agent: Tehreem Kamal, Broker, Royal LePage Real Estate Services Ltd.
High
Address: 1129 The Parkway Street
MLS number: 40177298
List price: $1,780,000
Days on market: 39
Size: 7 bedrooms, 4 bathrooms, 3,000 square feet
Listing agent: Carmen McClemont, Sales Representative, Century 21 First Canadian Corp., Brokerage
London North
Low
Address: 36-60 Fiddler’s Green Road
MLS number: 40188100
List price: $320,000
Days on market: 1
Size: 2 bedroom, 3 bathroom, 1,171 square feet
Listing agent: Joyce Byrne, Sales Representative, Sutton Group-Preferred Realty Inc., Brokerage
High
Address: 1364 Corley Drive
MLS number: 40181989
List price: $1,995,000
Days on market: 25
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: 507-45 Pond Mills Road
MLS number: 40187238
List price: $249,900
Days on market: 1
Size: 1 bedroom, 1 bathroom, 750 square feet
Listing agent: Ann Smith, Broker, Sutton Group –Select Realty Inc., Brokerage
High
Address: 484 Westmount Drive
MLS number: 40188214
List price: $2,100,000
Days on market: 6
Size: 4 bedrooms, 3 bathrooms, 2,477 square feet
Listing agent: Jonathan David, PG Direct Realty Ltd. 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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