The great adjustment
After years of rollicking irregularity, stabilization in the housing market will take some getting used to
TODAY, I’D LIKE to take a comparative look at trends for year-to-date home sales, pricing and inventory in the London region, comparing this year’s data with 2023 results.
It’s difficult for many of us to adjust to the fact that trends in the real estate market are slow to generate, particularly when compared to the boom Covid years when weekly changes were significant and meaningful. This is especially true of realtors, on behalf of their buyer and seller clients, who got used to waiting for a turning point in the market, driven by an outside influence such as monetary policy, a jobs report or inflation announcement.
“All of this suggests a prolonged period providing little change ― in other words, a stable market”
So, as of May 1, 2024, how does the year-to-date data in the London region compare to the same four-month period in 2023? The results are shocking in their similarity. The median price for the first four months of this year versus the first four months of last year is identical: $600,000 (median price: half the homes sold above this price, half below). Average pricing is nearly identical, too ― within a quarter point percentage of $632,000 in both years. A total of 2,381 houses sold in the first four months of this year, a slight increase of six per cent over last year. New and active listings are where there’s a marked change, with 2024 having 30 per cent more active listings.
Year over year, we see pricing has fluctuated over the 12 months but basically ended up in the same place.
Many more sellers are accepting the market for what it is and have decided to list their homes, creating more inventory. The total number of homes sold hasn’t changed significantly from one year to the next. All of this suggests a prolonged period providing little change ― in other words, a stable market.
Of course, stability in the real estate market is not our recent experience ― it may take some getting used to.
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: 253
Size: 1 bedroom, 1 bathroom, 680 square feet
Listing agent: Sean Monteith, Sales Representative, Nu-Vista Premiere Realty Inc., Brokerage
High
Address: 1839 Parkhurst Avenue
MLS number: 40539010
List price: $1,799,000
Days on market: 85
Size: 4 bedrooms, 3 bathrooms, 4,259 square feet
Listing agent: Richard Emil Salhani, 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: 19
Size: 1 bedroom, 1 bathroom, 729 square feet
Listing agent: Drew Johnson, Broker of Record, Coldwell banker Power Realty, Brokerage
High
Address: 451 Warner Terrace
MLS number: X8287704
List price: $2,247,000
Days on market: 7
Size: 5 bedrooms, 5 bathrooms, n/a square feet
Listing agent: Haekyoung Kim-Webber, Sales Representative, Nu-Vista Premiere Realty Inc., Brokerage
London South & West
Low
Address: 904-1103 Jalna Boulevard
MLS number: 40574583
List price: $259,900
Days on market: 18
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: 61
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.