On the House: The swinging pendulum
Taking stock of a correcting market, plus a sampling of high- and low-priced real estate listings in London this week
Photo: Harmen Jelle van Mourik on Unsplash
IT’S BEEN ABOUT two years since I started tracking real estate on a weekly basis on behalf of London Inc., and I must admit there were times when the relentless shortage of inventory and escalating prices seemed as though I was trapped like Bill Murray in a twisted Groundhog Day. But the market has dramatically changed this spring as buyers’ confidence melted away with the snow.
We are now about eight weeks into a correction of sorts, but certainly one that is unique for the times. There are listings sitting without any showings, while there remain listings procuring multiple offers at record prices. There are still plenty of buyers willing to pay top dollar for the right property ― one that checks the boxes for location, completed renovations, unique and limited characteristics, etc.
“It’s not a buyer’s market yet, but sellers no longer have the upper hand”
At the same time, the growing inventory of houses to choose from means for the most part buyers can start to be pickier. They aren’t buying out of desperation any longer, so small differences and issues are increasingly significant. Minor issues can become deal breakers when there are alternatives available. It’s not a buyer’s market yet, but sellers no longer have the upper hand.
Our experience in May suggests that the prices and the number of transactions continue to fall. The speculator and investor classes are still on the sidelines ― they have their eyes open but limit their gaze to desperate sellers. Buying opportunities will surface, but it remains to be seen if prospects will improve over the next few months.
The stock market is in disarray, perhaps taking into account fears of a pending recession. Many under the age of 40 don’t remember a time before prosperity was taken for granted. The future seems uncertain.
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: 86-2189 Dundas Street
MLS number: 40234723
List price: $144,000
Days on market: 36
Size: 2 bedroom, 1 bathroom, 400 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc. Brokerage
High
Address: 1980 Kilally Road
MLS number: 40247136
List price: $3,800,000
Days on market: 15
Size: 4 bedrooms, 2 bathrooms, 2,383 square feet
Listing agent: Brian Singh, Sales Representative, Century 21 First Canadian Corp.
London North
Low
Address: 310-563 Mornington Avenue
MLS number: 40252679
List price: $349,000
Days on market: 5
Size: 2 bedroom, 1 bathroom, 883 square feet
Listing agent: Michael Manes, Broker, Peak Alliance Realty Inc.
High
Address: 583-591 Windermere Road
MLS number: 40249089
List price: $3,400,000
Days on market: 13
Size: 3 bedrooms, 3 bathrooms, 2,525 square feet
Listing agent: Glen Gordon, Broker of Record, Glen Gordon Real Estate Ltd.
London South & West
Low
Address: 100-198 Springbank Drive
MLS number: 40255158
List price: $240,000
Days on market: 3
Size: 2 bedroom, 1 bathroom, 501 square feet
Listing agent: Karen Greason , Broker, RE/Max Centre Realty Inc, Brokerage
High
Address: 1992 Kilgorman Way
MLS number: 40246933
List price: $3,995,000
Days on market: 1
Size: 6 bedrooms, 5 bathrooms, 4,799 square feet
Listing agent: Laima Barkauskas, 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.