Surge of supply

London home inventory is now at its highest level since 2015, but buyers remain reluctant

HOT OFF THE presses we have April numbers on this first morning of May. The big number is inventory ― over twice as many new listings as sales in the month of April. 

There are 2,200 current listings in the London region, representing 3.9 months of inventory ― the highest number of homes for sale since 2015.

Despite growing inventory, home pricing is holding steady, with the median staying at $610,000 and the average up about $4,000 to $650,000. Since the beginning of the year, we’ve seen house prices climb about five per cent, which corelates to last year’s trend of rising prices through the winter months, although last year we gave back all those gains by the end of the year.

Houses are on the market an average of 17 days, up slightly from last month ― but this would be skewed lower due to the number of new listings. It’s safe to say listings generally sit and buyers are in a strengthening bargaining position.

Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.

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: 253
Size: 1 bedroom, 1 bathroom, 680 square feet
Listing agent: Sean Monteith, Sales Representative, Nu-Vista Premiere Realty Inc., Brokerage

High

Address: 2702-505 Talbot Street
MLS number: 40514361
List price: $1,999,500
Days on market: 165
Size: 3 bedrooms, 3 bathrooms, 3,300 square feet
Listing agent: Arthur Tkaczyk, Sales Representative, Century 21 First Canadian Corp.

London North

Low

Address: 104-1600 Adelaide Street North
MLS number: 40573911
List price: $299,900
Days on market: 12
Size: 1 bedroom, 1 bathroom, 729 square feet
Listing agent: Drew Johnson, Broker of Record, Coldwell banker Power Realty, Brokerage

High

Address: 1509 Ryersie Road
MLS number: 40543261
List price: $2,999,900
Days on market: 68
Size: 4 bedrooms, 4 bathrooms, 4,977 square feet
Listing agent: Drew Johnson, Broker of Record, Coldwell Banker Power Realty, Brokerage

London South & West

Low

Address: 904-1103 Jalna Boulevard
MLS number: 40574583
List price: $259,900
Days on market: 11
Size: 1 bedroom, 1 bathroom, 600 square feet
Listing agent: Judy Zhang, Broker, Century 21 First Canadian Corp.

High

Address: 1659 Hamilton Road
MLS number: 40550571
List price: $2,999,999
Days on market: 54
Size: 5 bedrooms, 4 bathrooms, 5,680 square feet
Listing agent: April Gray, Sales Representative, Century 21 First Canadian Corp.

---

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.