Pushed too far?
With the average London house price rocketing to $825,000 in February, it appears buyers are stepping back. Plus, a sampling of high- and low-priced real estate listings in London this week
GRAB A CHAIR, it appears the music may be stopping.
The average price through the month of February climbed to $825,000, up from $700,000 just 60 days ago. This meteoric rise early in the year has given everyone pause, including buyers. Valuations appear to have hit a mark at which informed buyers are taking a second look ― or deciding not to look at all. Showings for new listings are down. Agents are calling each other, asking if we’re all seeing the same signs.
“The imbalance of demand exceeding supply persists, but buyers can only be pushed so far ― apparently”
It would be incredibly healthy if our real estate market settled down. A stable landing is definitely required for us to trust the gains can be sustained. This year’s appreciation seems to defy logic, creating concern that a bubble is in our future.
None of us can predict what comes next. The imbalance of demand exceeding supply persists, but buyers can only be pushed so far ― apparently.
Buyers should rejoice that the ceiling may have been hit. Sellers should accept the gains achieved. Let’s hope they can be sustained ― no one wins in a declining market, other than the opportunists.
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: 103-1170 Hamilton Road
MLS number: 40214013
List price: $209,900
Days on market: 6
Size: 2 bedroom, 1 bathroom, 642 square feet
Listing agent: Jennifer Kraft, Sales Representative, Sutton Group Preferred Realty Inc., Brokerage
High
Address: 151 Travelled Road
MLS number: 40194275
List price: $2,199,999
Days on market: 78
Size: 11 bedrooms, 5 bathrooms, 6,120 square feet
Listing agent: Geoff Mitchell, Sales Representative, Re/Max Centre City Realty Inc., Brokerage
London North
Low
Address: 172 Monmore Road
MLS number: 40214344
List price: $399,900
Days on market: 6
Size: 2 bedroom, 2 bathroom, 1,034 square feet
Listing agent: Harry Lamb, Salesperson, Sutton Group Preferred Realty Inc., Brokerage
High
Address: 32 Chantry Place
MLS number: 40210159
List price: $2,895,000
Days on market: 7
Size: 6 bedrooms, 4 bathrooms, 4,048 square feet
Listing agent: Kim Mullan, Broker, Sutton Group – Select Realty Inc., Brokerage
London South & West
Low
Address: 1115-45 Pond Mills Road
MLS number: 40213808
List price: $274,900
Days on market: 6
Size: 1 bedroom, 1 bathroom, 700 square feet
Listing agent: Jerry Dwyer, Salesperson, Keller Williams Lifestyles Realty, Brokerage
Address: 484 Westmount Drive
MLS number: 40200169
List price: $2,499,999
Days on market: 45
Size: 4 bedrooms, 3 bathrooms, 2,477 square feet
Listing agent: Jonathan David, Broker of Record, PG Direct Realty Ltd.
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.