Taking a March break
Prices show signs of a March cooling, plus a sampling of high- and low-priced real estate listings in London this week
THE WEATHER MAY feel warmer, but we’re experiencing a much cooler March real estate market. The unprecedented rise in the average selling price in January and February (about 18 per cent) is difficult to digest for most buyers.
Last year, we saw a strong rise in prices through to April, and then a cooling off and drop in average selling prices for the next four months.
It’s possible pricing has stabilized at these new record levels. We’re seeing anecdotal evidence ― reduced showings and fewer bids ― especially in the mid-price range, which is remarkably $700,000 to $1 million in London. It is also possible, like last year, we’ll take a step back with pricing falling after very large gains in two short months.
After March break, there will likely be a flood of new listings, as sellers jump to try to take advantage of the spring market. This may calm the market with additional inventory providing a slight levelling of the playing field for buyers.
Uncertainty is to be expected in these challenging times. The Ukraine invasion, dramatic oil price hikes, mortgage rates increasing, a looming provincial election, a possible new Covid strain and, locally, a change in floodplain boundaries that could have a dramatic impact on the supply of land for housing development ― there are so many factors at play we should be careful not to assume we can predict the future.
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: 105-1170 Hamilton Road
MLS number: 40214013
List price: $224,786
Days on market: 11
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Harprit Singh Ahluwalia, Sales Representative, Keller Williams Lifestyles Realty Inc., Brokerage
High
Address: 1745 Kilally Road
MLS number: 40223277
List price: $3,500,000
Days on market: 3
Size: 3 bedrooms, 4 bathrooms, 4,000 square feet
Listing agent: James Hudson Smith, Sales Representative, Sutton Group -Select Realty Inc., Brokerage
London North
Low
Address: 216-511 Gainsborough Road
MLS number: 40221540
List price: $289,900
Days on market: 5
Size: 2 bedroom, 1 bathroom, 885 square feet
Listing agent: Michelle Henderson, Broker, Re/Max Advantage Realty Ltd., Brokerage
High
Address: 306 Waterstone Place
MLS number: 40214978
List price: $2,790,000
Days on market: 15
Size: 3 bedrooms, 4 bathrooms, 2,331 square feet
Listing agent: Kelley McIntyre, Salesperson, Royal LePage Triland Realty, Brokerage
London South & West
Low
Address: 208-1105 Jalna Boulevard
MLS number: 4022077
List price: $249,900
Days on market: 1
Size: 1 bedroom, 1 bathroom, 777 square feet
Listing agent: Ryan Kelly, Broker, Team Glasser Real Estate Brokerage
Address: 484 Westmount Drive
MLS number: 40200169
List price: $2,499,999
Days on market: 59
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.