Falling leaves, rising trends
October ends with an uptick in home sales, but a surge of new listings and further price declines intensify market softening
OCTOBER HAS ENDED with a slight uptick in volume of house sales; the week ending October 26 had a total of 120 sales, but another huge gain in listings at 271 ― more than double the number of sales. In terms of available listings, it has been eight years since when we had this same 3.8 months of inventory on hand.
Prices are continuing a downward march, a trend that started last spring. The current average price is about $618,000, down from $626,000 last month. The median fell further (half homes sold above this number, half below) to $580,000 from $600,000. The average and median prices are now almost exactly where they were one year ago.
“It’s now a buyer’s market, as sellers no longer imagine there will be price increases in the near term, and therefore are resigned to current pricing trends”
Of course, the biggest difference from one year ago is the decline in affordability, as mortgage rates today are considerably higher than they were 12 months ago. A related impact is the number of houses for sale has increased by about a third, as compared to one year ago. It’s now a buyer’s market, as sellers no longer imagine there will be price increases in the near term, and therefore are resigned to current pricing trends.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
High- and low-priced real estate listings around town this week
London East
Low
Address: 901-563 Mornington Avenue
MLS number: 40502105
List price: $169,900
Days on market: 14
Size: 1 bedroom, 1 bathroom, 683 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group – Select Realty Inc.
High
Address: 1474 Kilally Road
MLS number: 40498125
List price: $2,699,900
Days on market: 20
Size: 4 bedrooms, 2 bathrooms, 1,950 square feet
Listing agent: Mohammed Moosavi, Broker, Century 21 First Canadian Corp.
London North
Low
Address: 606-570 Proudfoot Lane
MLS number: 40502822
List price: $285,000
Days on market: 14
Size: 1 bedroom, 1 bathroom, 853 square feet
Listing agent: Guang Yang, Sales Representative
Brokerage: Express Realty Inc.
High
Address: 15 Denali Terrace
MLS number: 40504031
List price: $3,800,000
Days on market: 8
Size: 6 bedrooms, 5 bathrooms, 7,516 square feet
Listing agent: Mike Sloan, Sales Representative, Royal Lepage Triland Realty
London South & West
Low
Address: 67-198 Springbank Drive
MLS number: 40467265
List price: $195,000
Days on market: 81
Size: 2 bedroom, 1 bathroom, 840 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc.
High
Address: 6584 French Avenue
MLS number: 40499960
List price: $2,449,000
Days on market: 18
Size: 5 bedrooms, 6 bathrooms, 6,116 square feet
Listing agent: Thomas Rauth, 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.