Tilting from sellers to buyers
As a frothy market downshifts, house-hunters are changing how they navigate the landscape
Photo: Despite several listings in an upper-end townhome complex on Dalmagarry Road, not a single unit has sold in since March
WHAT SHOULD YOU know? Just 90 days ago, there was about one week’s worth of property inventory in the London real estate market. Now, after record low volumes of sales in April and May ― along with a flood of new listings ― inventory levels are seven times higher!
This is a completely different market than we saw in early March, and certainly for the last two years.
The average sale price fell only one per cent in May as compared to April, despite the number of transactions falling 33 per cent as compared to May 2021. Buyers are sitting on their wallets just as sellers are ramping up the offerings. The fact that prices have levelled off does not tell the whole story ― there are segments of the market hurting more than others.
“In many corners of our city, at many price-points, we are in a buyer’s market”
Let’s look at one situation in Hyde Park. There is a stunning and well-executed townhouse complex next to the Walmart Supercentre on a road called Dalmagarry. In the last year, about a dozen units in that complex have sold for prices starting at $570,000 a year ago to more than $800,000 in March of this year. There are now nine units currently listed for sale there in the $600,000 to $800,000 range. Not a single unit has sold since March. Not a single buyer ― in 90 days ― has purchased any unit there at any price. Compare that to an average time on market of six days for the first quarter of this year.
In many corners of our city, at many price-points, we are in a buyer’s market. That means those of you “waiting out the market” may be missing out on the buying opportunities you’ve been impatiently waiting for. Conditional offers, even on the sale of a home, are now becoming common place.
That being said, some neighbourhoods and types of homes continue to attract multiple offers. If you’re a seller, you should talk to a reputable agent and let them guide you as to how competitive the real estate landscape is for your particular home. Buyer or seller, it’s only with full knowledge that you can make informed decisions and “time the market”.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected]
Address: 61-2189 Dundas Street
MLS number: 40259706
List price: $180,000
Days on market: 23
Size: 2 bedroom, 1 bathroom, 600 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc. Brokerage
Address: 1980 Kilally Road
MLS number: 40247136
List price: $3,800,000
Days on market: 43
Size: 4 bedrooms, 2 bathrooms, 2,383 square feet
Listing agent: Brian Singh, Sales Representative, Century 21 First Canadian Corp.
Address: 1007-600 Grenfell Drive
MLS number: XH4128621
List price: $377,900
Days on market: 88
Size: 1 bedroom, 1 bathroom, 700 square feet
Listing agent: Anil Verma, Sales Representative, Re/Max Escarpment Realty Inc.
Address: 3-157 Windermere Road
MLS number: 40245977
List price: $2,950,000
Days on market: 44
Size: 4 bedrooms, 4 bathrooms, 3,915 square feet
Listing agent: Christine M. Crnich, Sales Representative, Oliver & Associates Real Estate Brokerage Inc.
London South & West
Address: 100-198 Springbank Drive
MLS number: 40255158
List price: $240,000
Days on market: 31
Size: 2 bedroom, 1 bathroom, 501 square feet
Listing agent: Karen Greason , Broker, RE/Max Centre Realty Inc, Brokerage
Address: 1938 Kilgorman Way
MLS number: 40255312
List price: $3,995,000
Days on market: 35
Size: 5 bedrooms, 6 bathrooms, 4,285 square feet
Listing agent: Linda Joan Rice, 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.