The spring effect
Spring has arrived, and like the weather, London’s real estate market is showing mixed trends as we head into what is historically the industry’s busiest time of the year
MOTHER NATURE SEEMS confused. March forces Canadians to address that most essential question: Do I take the snow tires off now, or wait until the shops are overwhelmed?
Although seasonality has hit the real estate market, a new blanket of snow tries to fool us. The London area is seeing an increase in “spring” activity. Inventory is growing as listings come on heavy. Sales are picking up but not at the same rate as new homes hitting the market. Prices are climbing at a measured pace. All this would be expected for the month of March in a normal, seasonal market.
“It appears the bottom line is a very slow, steady real estate market for the foreseeable future”
New construction sales are (slowy!) coming back to life. And speaking of new homes, The Dream Home Lottery program officially launches in two weeks, offering new destinations to get out to view and tour, and help London’s hospitals raise some much-needed funds. We are incredibly fortunate as Londoners to have institutions of such scale and quality as London Health Sciences Centre and St. Joseph’s Health Care London. These are our hospitals, staffed by our neighbours, working to keep us safe and healthy in extremely trying times.
Inflation numbers continue to fall in line, while we wait for our big brother to the south to determine just how much we can control our own monetary policy. We’re trending in the right direction, but only if the U.S. trends with us. It appears the bottom line is a very slow, steady real estate market for the foreseeable future. Don’t try to time it ― it’s a fool’s game at this point.
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: 1106-573 Mornington Avenue
MLS number: 40472962
List price: $179,000
Days on market: 211
Size: 1 bedroom, 1 bathroom, 680 square feet
Listing agent: Sean Monteith, Sales Representative, Nu-Vista Premiere Realty Inc., Brokerage
High
Address: 1745 Kilally Road
MLS number: 40517811
List price: $2,675,000
Days on market: 113
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: 48 Homestead Crescent
MLS number: 40542401
List price: $448,888
Days on market: 26
Size: 2 bedroom, 2 bathroom, 800 square feet
Listing agent: Shelly Fisher, Sales Representative, Next Door Realty Inc. Brokerage
High
Address: 1509 Ryersie Road
MLS number: 40543261
List price: $2,999,900
Days on market: 26
Size: 4 bedrooms, 4 bathrooms, 4,977 square feet
Listing agent: Drew Johnson, Broker of Record, Coldwell Banker Power Realty, Brokerage
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London South & West
Low
Address: 806-1105 Jalna Boulevard
MLS number: 40540598
List price: $244,900
Days on market: 36
Size: 1 bedroom, 1 bathroom, 600 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group Select Realty Inc. Brokerage
High
Address: 1659 Hamilton Road
MLS number: 40550571
List price: $2,999,000
Days on market: 12
Size: 5 bedrooms, 6 bathrooms, 5,680square feet
Listing agent: April Gray, Sales Representative, Century 21 First Canadian Corp., Brokerage
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.