The hard sell

A growing inventory of houses for sale is leaving many homeowners waiting longer and longer for offers

EARLIER THIS WEEK, the Canadian Real Estate Association (CREA) released May data for Canadian real estate sales and pricing. The big takeaway is that, Canada-wide, prices fell for the ninth month in a row. 

In fact, prices in Canada have been falling since last August. In that same period, our local London market fell from August to November, and then recovered fully to end May basically at the same average price we saw nine months ago. 

As we all know, there was an overnight lending rate cut by the Bank of Canada on June 6. That may have spurred sellers to list their properties, with 380 new listings in our local market last week, but only 143 sales. 

Well over two times as many houses listed as sold in the London-area market. In total, there are about 2,500 homes for sale in our trading area ― plenty of inventory if you consider about 780 homes sold in May.

It’s a challenging time to try and sell a home. It’s increasingly advantageous to buy in this market. 

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: 392 Manitoba Street
MLS number: X8424668
List price: $339,500
Days on market: 8
Size: 3 bedroom, 1 bathroom, 700-1100 square feet
Listing agent: Lauren Silverthorn, Sales Representative, Royal Lepage Triland Realty

High

Address: 1745 Kilally Road
MLS number: X8337350
List price: $2,499,900
Days on market: 35
Size: 3 bedrooms, 4 bathrooms, 3,500-5,000 square feet
Listing agent: James Smith, Sales Representative, Sutton Group – Select Realty

London North

Low

Address: 147 Wilson Avenue
MLS number: X8380834
List price: $439,900
Days on market: 48
Size: 3 bedroom, 1 bathroom, 900 square feet
Listing agent: Sally Jia, Sales Representative, Initia Real estate (Ontario) Ltd.

High

Address: 1597 Gloucester Road
MLS number: 40592875
List price: $4,250,000
Days on market: 17
Size: 5 bedrooms, 5 bathrooms, 6,701 square feet
Listing agent: Kim Mullan, Broker Sutton Group – Select Realty Inc.

London South & West

Low

Address: 10 Briscoe Street West
MLS number: X8451588
List price: $449,900
Days on market: 1
Size: 2 bedroom, 1 bathroom, 700-1,100 square feet
Listing agent: Miguel Freitas, Sales Representative, Keller Williams Lifestyles Brokerage

High

Address: 1845 Woodhull Road
MLS number: X8411436
List price: $3,500,000
Days on market: 12
Size: 4 bedrooms, 5 bathrooms, 5000-plus square feet
Listing agent: Raeanne Muir, Broker, Century 21 First Canadian Corp.

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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.