Another month of housing declines
London housing sales slump to historic lows in November as prices take a significant tumble
SALES IN NOVEMBER were sluggish, with 421 residences changing hands. That’s historically low, and about half of the volume compared to the peak Covid years.
Prices were down concurrently, with the average home price falling to $605,000 ― a significant decline. The median price sits at $568,000 (half of the homes sold above this price and half below). For context, that means 210 homes sold at or below $568,000, and 210 homes sold above $568,000.
If you compare that to active listings, there are approximately 440 listings below $568,000 and about 1,400 above that price. Two months of inventory in the bottom half of the market; seven months of inventory in the top half of the market.
“Declining mortgage rates and the potential of a rate cut in the first half of 2024 are providing hints of optimism, although we are certainly having to fight through a thick fog of uncertainty to find it”
This tells us we have a shortage of “affordable” housing options, and we have a plethora of “expensive” options (we would be blessed if our policymakers could track inventory by market price!)
The GTA market is somewhat mirroring our London region, with reduced volume and falling prices. The economy is slowing as is consumer confidence. Declining mortgage rates and the potential of a rate cut in the first half of 2024 are providing hints of optimism, although we are certainly having to fight through a thick fog of uncertainty to find it.
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: 304-1172 Hamilton Road
MLS number: 40492778
List price: $165,900
Days on market: 68
Size: 1 bedroom, 1 bathroom, 500 square feet
Listing agent: Vicki Burbank, Sales Representative, Blue Forest Realty Inc.
High
Address: 1745 Kilally Road
MLS number: 40517811
List price: $2,950,000
Days on market: 8
Size: 3 bedrooms, 4 bathrooms, 4,760 square feet
Listing agent: James Hudson Smith, Sales Representative, Sutton Group – Select Realty Inc.
London North
Low
Address: 306-511 Gainsborough Road
MLS number: 40517318
List price: $257,900
Days on market: 9
Size: 2 bedroom, 1 bathroom, 885 square feet
Listing agent: Michelle Dier, Sales Representative, Sutton Group – Select Realty Inc.
High
Address: 99 Fitzwilliam Boulevard
MLS number: 40475790
List price: $2,690,000
Days on market: 91
Size: 4 bedrooms, 6 bathrooms, 6,377 square feet
Listing agent: Justin Konikow, Sales Representative, Prime Real Estate
London South & West
Low
Address: 45-198 Springbank Drive
MLS number: 40512151
List price: $49,000
Days on market: 22
Size: 1 bedroom, 1 bathroom, 883 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: 53
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.