Photo: 255 Delacourt Road is listed for sale at $1,899,000
WE’RE RAPIDLY APPROACHING the end of 2021. What did we learn in November? The average sale price is now $674,000-plus in the London area ― a 25 per cent jump over one year ago.
Imagine, after five years of exceptional price escalation, this past year we’ve increased another 25 per cent.
Why? More buyers pursuing fewer houses.
“Today, with new listings selling in about eight days, a stable market is a dream”
This year we’ve averaged 31 house sales per day. At this moment, we have 12 days of inventory. Ten years ago, we averaged 150 days inventory, and thus we had a stable market.
Today, with new listings selling in about eight days, a stable market is a dream. Each day, we sell as many houses as list, thus never gaining ground on this seller’s market.
Housing is a strained resource. This is true in both the sales and rental markets. It’s true in the agricultural, resort, cottage, investment, commercial and raw land categories, too. It’s universal. There is more money and there are more buyers chasing real estate than perhaps ever before.
For the foreseeable future, expect this market to be the new status quo. Manage your goals within the market you’re presented. Waiting out the market does not appear a viable strategy. Get help from a professional and put a plan together. Even now, success in real estate is achievable.
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: 310-1830 Dumont Street
MLS number: 40191657
List price: $199,900
Days on market: 6
Size: 2 bedroom, 1 bathroom, 715 square feet
Listing agent: Grant Guo, Sales Representative, Nu-Vista Premiere Realty Inc.
High
Address: 1129 The Parkway Street
MLS number: 40177298
List price: $1,780,000
Days on market: 53
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: 411-5 Jacksway Crescent
MLS number: 40191097
List price: $299,900
Days on market: 8
Size: 1 bedroom, 1 bathroom, 700 square feet
Listing agent: Cody Tilbury, Broker, Oliver & Associates Team Glasser Real Estate Brokerage
High
Address: 255 Delacourt Road
MLS number: 40150502
List price: $1,899,000
Days on market: 124
Size: 7 bedrooms, 6 bathrooms, 10,638 square feet
Listing agent: Sue-Anne Richardson, Sales Representative, Sutton Group Select Realty Inc.
London South & West
Low
Address: 205-1580 Ernest Avenue
MLS number: 40193062
List price: $224,900
Days on market: 1
Size: 2 bedroom, 1 bathroom, 650 square feet
Listing agent: Andrew Wilson, Sales Representative, Keller Williams Lifestyles Realty
High
Address: 484 Westmount Drive
MLS number: 40188214
List price: $2,100,000
Days on market: 20
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.
Forget job hopping ― more people are job hugging in the cooling labour market
515 William Street: $1,100,000 for sophisticated and elegant century home in the heart of prestigious Woodfield
A summary of recent commercial real estate activity in London
Accept the real estate market for what it is, not what you hope it to be
Canadian youth were hammered by the toughest summer job market in decades ― a hard reality that may have lasting…