London Ontario Real Estate Prices Up 10.8%, Sales Down 32.8%

February 2018 home sales in London Ontario & area were down 32.8% , yet prices increased 10.8%  as reported by The London and St Thomas Association of REALTORS® (LSTAR)* .

 Why?

There were 1,103 active listings, (homes for sale), down 26.4% from this time last year. This is the lowest level of inventory for London Ontario real estate since 2008!

Although inventory remains low, average home sales price in London and St. Thomas continues to rise. The average February sales price in the region was $349,848, up 10.8% over February 2017. By geographic area, London South was $375,329, up 15.3% from last February. In London North, average home sales price was $424,959, up 14.5% compared to the previous year, while in London East, it was $286,770, an increase of 10.5% from February 2017. In St. Thomas, it was $307,383, up 27.4% over last February.

One of the other factors to look at is the sales-to-new listings ratio & according to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced housing market. In February, London and St. Thomas had a sales-to-new listings ratio of 69.5%, which CREA says represents conditions in the marketplace that favours sellers. It illustrates the high demand and low supply trend currently happening in the region.

St. Thomas saw a total of 52 homes sold in February, down 25.7% from the same period last year. When looking at inventory, there were 71 active listings, down 32.4% from last February.

What does all this mean?

We are seeing multiple offers on houses and condos in London Ontario, sometimes as many as 8 or more offers on a property and those properties selling for more than the asking price. A well-priced home in good condition in a good neighbourhood has been selling within 3 days!

According to a research report, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario.

  *These statistics are prepared for LSTAR by the Canadian Real Estate Association (CREA) and represent a data snapshot taken on March 1, 2018, based on reported sales activity between February 1 and 28, 2018.

The following chart is based on data taken from the CREA National MLS® Report for January 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

February Home Sales London Ontario

Summerside London Ontario Home Prices Are Increasing

Summerside London Ontario houses and condos set a record for sales in 2017. with 117 houses selling through our MLS system for a median 103.78% of the asking price and these took about 8 days to sell.

30 condos were sold, averaging 101.53% of the asking price and about 14 days on the market. I have prepared an analysis of these sales and the numbers and you can get these by scrolling down the page.

Summerside Houses for sale London Ontario

 At the present time, there is a shortage of good quality homes for sale in Summerside London Ontario.

  Again, opinions and false perceptions can be costly in real estate, our research team only works with facts and absolutes, our clients love it!

   98 houses sold in the Summerside neighbourhood of London Onatrio in 2016, starting from $229,000 and up to $429,000 and all sold close to the asking price and within an average 25 days!

27 condos were sold from as low as $158,000 and up to $269,000  in 2016 and these took about 29 days to sell and sold for 99.2% of the asking price.

Here are all the houses & condos for sale on MLS in Summerside London Ontario

Summerside London is a great neighbourhood for families as it has a great quick access to highway 401 and Veterans Memorial Parkway, making the commute to work that much less driving time!

Summerside is one of London Ontario’s newer communities and is located in  the South East of London, East of Highbury, north of the 401, West of Veterans Memorial Parkway (Airport Road) and south on Commissioners Road East.

Summerside  has been growing at London’s southeast edge of the city for about 14 years or so. Summerside holds a lot of appeal for those who wish to live in London, but whose work carries them to neighbouring communities such as St. Thomas, Ingersoll or Woodstock or quick access to Highway 401.

It is a popular area for younger families as house prices are attractive.  This community offers single family houses, condo townhouses, attached and de-tached condo bungalows and a gated condo corporation. There are houses being built all the time and the resale market is vibrant!

Plenty of shopping, schools and churches  nearby.

Summerside Map of area in London Ontario

    

Other London Neigbourhoods

Riverbend Neighbourhood London Ontario Real Estate Prices

 

The Riverbend Neighbourhood London Ontario Real Estate Market  & Hunt Club West 

 In 2017, 77 houses were sold through our MLS system in the Riverbend neighbourhood of London Ontario, the median days these took to sell were 15 and sold for an average 98.9% of the asking price. 50 condos were sold as well, selling for close to asking price and taking about 25 days to sell.

 I have prepared an analysis of these sales and you can download all the sales and stats here.

Bike Trails galore in Riverbend

This is becoming a very sought after neighbourhood in the south west part of London Ontario, new homes are being built on a regular basis, there are very few cookie cutter homes and worth a drive to have a look.

Take Oxford Street West to Kains Road and see this neigbourhood with street names such as: Shore RoadKirpatrick WayRiverbend RoadTigerlily RoadJack Nash Drive and the beautiful gated Riverbend Golf Community.

You are just 11 minutes or less to downtown London, great shopping nearby and great nature trails, bike paths, golfing , or just not doing anything, you will enjoy the quiet.

With 5 golf courses within 4 km and for nature lovers, the walking trail along the Thames River is magnificent & there is also Warbler Woods Conservation area and Komoka Provincial Park.

city of London Ontario Riverbend neighbourhoodCity of London Riverbend Neighbourhood

Search houses for sale Riverbend London Ontario

 

Other London Neigbourhoods

London Ontario Real Estate Market January 2018

The London and St Thomas Association of REALTORS® (LSTAR) announced 400 homes were sold in January, down 28.8% from January 2017, which held the record for best January results since.

London Ontario Real Estate Market Graph

Why were sales down?

Very few homes for sale! There were 623 new home listings on MLS, down 31.8% from last January, and there were 1,020 active listings, down 27.7% from this time last year.

Average home sales price continues to rise across London and St. Thomas. The average sales price in the region was $333,424, up 9.8%, London South was $351,167 , up 11.5%, London North was $397,075, up 6.2%, London East, was $294,348, an increase of 32.1% from January 2017.

In St. Thomas, it was $247,135, up 19.7% over last January. 30 homes sold in January in St Thomas, down 36.2% from last year. There were 66 active listings, down 34.7% from last January, and there were 46 new listings, down 32.4% from the previous year.

As you can see, this is a seller’s market. A seller’s market is when there are more buyers than sellers and a lack of good homes for sale.

sellers Market London Ontario

What does this all mean?

If you were ever contemplating selling a house or a condo in London Ontario and area, now is a good time to capitalize on the market. Will the spring be better or worse? Who knows but what I do know, gambling on home prices is even worse than investing or should I say gambling in the stock market, mutual funds, playing the ponies or flipping a coin!

The following chart is based on data taken from the CREA National MLS® Report for December 2017 (Canadian Real Estate Association). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

January 2018 London Ontario Real Estate Market Results

Lambeth London Ontario Houses & Condos Record Sales 2017

Lambeth London Ontario houses & condos,  including Talbot Village and Southwinds set a record in 2017 with 232 houses selling for close to the asking price and taking about 20 days to sell on average, for condos in Lambeth, 8 were sold, a median time to sell was 25 days and these sold for 98.62% of the asking price.

Here is an analysis of these sales in 2017  for both houses and condos.

Search all the houses & condos for sale in Lambeth, Talbot Village

142 houses in the Lambeth, Talbot Village, Southwinds Village neighbourhood in London Ontario were sold in 2016 from as low as $284,000 to $2,400,000 and these were on the market an average 38 days and sold very close to  asking price!

 4 condos were sold for an average $432,594. These took about 18 days to sell!

  In 2015

113 houses changed hands in Lambeth and  Talbot Village neighbourhood in south London in 2015 for an average price of $447,162 and sold for 97% of the asking price and took on average 44 days to sell!

In the same period, 8 condos sold at an average price of $380,475 which was 2% less than the asking price and were on the market an average 60 days.

  In 2014

2014 was quite active for Lambeth houses and condos with 119 houses exchanging hands for an average price of $412,343 and these sold for 97% of the asking price and sold within 42 days!

9 condos sold in the Talbot Village area at an average $395,333 and these were on the market an average 59 days and sold for 99% of the asking price.

 More London Ontario Neighbourhoods

 

Lambeth houses & Condos London Ontario

Lambeth is a neighbourhood in the south west of London about 10  minutes to downtown.

The 401 and 402 highways are 3 minutes away and within a 20 KM drive are 6 golf courses! There is a newer shopping plaza at the corner of Colonel Talbot Road amd Southdale Road West with groceries, a pharmacy, dining and fast food, banking etc. As well a newer neighbourhood  called Talbot Village.

Schools and churches are bountiful  along with professional services. Lambeth has homes from  entry level to executive homes and condos. Drive through Talbot Village for new houses and condos, Southwinds Village for some sprawling homes, or the Outer Drive area going south on Colonel Talbot Road or the heart of Lambeth, some quaint shops and a multitude of services.

 

Lambeth in London Ontario

Elementary Schools

Lambeth Public School

St. George Catholic School

High Schools
Saunders Secondary School

Regina Mundi Catholic College

St. Thomas Aquinas Catholic Secondary School 

Sports

Lambeth Minor Hockey

Lambeth Youth Soccer

London Area Sportsfields

Churches

Forest City Community Church

New Hope Community Church

St.George Roman Catholic Church

Trinity Anglican Church

Pond Mills Real Estate Glen Cairn Prices Rising

   Pond Mills real estate Glen Cairn  set records for prices in London Ontario for 2017 and as we are into the early part of 2018, we are seeing a real shortage of properties for sale.

145 houses were sold in the Pond Mills, Glen Cairn neighbourhood of London through our Mls system, taking about 8 days to sell and the median price was 101.87% of the asking price. 105 condos sold, which include townhouses and apartment condos averaging 17 days to sell and for about 100% of the asking price.

I have prepared a breakdown of these sales including address, sales price and how long it was on the market. You can get these numbers by going here.

2016

  144 houses in Glen Cairn, Pond Mills neighborhood of London Ontario sold through our MLS system in 2016 for  99.8% of the asking price from as low as $174,000 to $324,000 and these were on the market  less than 21 days! 102 condos were sold, from $82,000 to $235,000 for 98.7% of the asking price and took on average 51 days to sell.

Houses for Sale in Pond Mills, Glen Cairn    Condos for Sale on MLS London Ontario

As you can see, Glen Cairn Pond Mills have attractive home prices and the neighbourhood has alot going for it, take a drive, you may be surprised!

Other London Neigbourhoods

Want to know why people like to live in Pond Mills, Glen Cairn neighbourhood in south east London Ontario?

Nice walks in Pond Mills

Pond Mills and Glen Cairn offers a wide  variety of house styles, most with larger lots than the norm and some of the best values for the dollar in London Ontario. For condos in Pond Mills, there is a highrise apartment, some low rise apartment condos on Deveron and some great townhouse condos at a reasonable price.

Pond Mills Glen Cairn in London offers all the amenities that  London has to offer, plus, easy access to the 401 highway via either Highbury Ave South or Veterans Memorial Parkway.

 

        Pond Mills. a nature park inside London Ontario 

You also have 203 hectares of Westminster Ponds /Pond Mills Environmentally Significant Area (ESA)and  is the largest publicly owned ESA in London.

     The ponds and the 10.5 km Westminster Ponds Trails are  located south of Commissioners Road and east of Wellington Road, adjacent to the Tourist Information Centre, and across from Shoppers Drug Mart at Adelaide and Southdale and  eastward to Pond Mills Road

Trails to walk in Pond Mills   

  Why not take a drive out, go for a walk, even go fishing or canoeing if you want!

  Pond Mills Real Estate Map

Uplands Homes London Ontario Sale Prices

nds homes London Ontario set a record in 2017 for sales, with 97 houses being sold through our MLS system for 101.46% of the asking price and taking about 9 days to sell. 29 condo townhouses and town homes changed owners as well, receiving a median 101.51% of the asking price and the days it took them to sell was 11 days!

  I have prepared a breakdown of these homes in Uplands that sold and you can download these by going here.

Uplands London Ontario  is located in the north end and  bounded by Richmond Street to the west, Sunningdale Road to the south, Adelaide Street North to the east and London municipal boundary to the north.

Google Map of Uplands

Uplands London Ontario

  Uplands is neighbourhood of London with a great cross section of executive style homes, one floor bungalows and a great selection of one floor condo homes, both attached and detached.

Living in Uplands is convenient to major shopping, churches, schools, dining, golf courses and other recreation venues and attractions.

house sales in Uplands in London Ontario

 

  102 houses sold in the Uplands neighbourhood of London Ontario in 2016  for  99.2% of the asking price and took about 27 days to sell. 26 condos in  Uplands were sold through MLS in 2016 or 98.6% of the asking price and the median days on the market was 33.

Look at these houses and condos for sale in Uplands in London Ontario.

Other London Neigbourhoods

Oakridge London Ontario Neighbourhood Sales 2017 Sets a Record

336 houses in the Oakridge neighbourhood London Ontario were sold through MLS in 2017 for a median selling price of 102.8% of the asking price and these took about 7 days to sell.

 130 condos in Oakridge sold as well, from apartment style to one and two floor townhouses & townhomes. These were on the market for a median of 13 days and sold  for 101.81%  of the asking price!
 I have prepared a breakdown of these sales , such as prices, days on the market and few other tidbits you might find helpful , you can get these reports here.

All the houses & condos in Oakridge London Ontario For Sale on MLS

295 houses in Oakridge were sold in 2016  through our local MLS starting at $270,000 all the way up to $740,000 and Oakridge was no different than the rest of London Ontario, a shortage of quality homes for sale saw these 295 houses sell very close for the asking price and in some cases for more and took about 19 days to sell!

 105 condos in Oakridge were sold through MLS in 2016, from as low as $122,000 and up to $669,000  which was about 99.6% of the asking price and on the market 25 days!

What do these numbers indicate? There are buyers willing to buy and seller’s who price their homes at the market price will get 99-101% of their asking price. Pretty simple, yet, I hear of buyers who think they can  get 10-15% off the asking price and a few misquided sellers who think their home is worth more than the other homes that have sold in their neighbourhood!

Oakridge London Ontario

More and more people are returning to their roots, buying these homes in Oakridge where they grew up, having large, deep lots and renovating them to meet their aging lifestyles. I have had many clients buy these 60’s and 70’s homes and upgrade them with modern kitchens, larger bedrooms and bathrooms.

Oakridge Acres, Oakridge Meadows & Oakridge Park are neighbourhoods in north west London (with a few small patches of 10 year old or less homes) with large lots, mature trees and very few cookie cutter streets.

Oakridge neighbourhood London Ontario City of London Report Oakridge London Ontario Neighbourhood by the City of London

Some Condo Properties in Oakridge in London Ontario

Oakridge London Ontario Real Estate Map

Other London Neigbourhoods

Sunningdale London Ontario Houses & Condos

 

Search houses for sale Sunningdale London Ontario on MLS

In 2017, 73 houses in the Sunningdale neighbourhood of London Ontario sold through our MLS system for a median 98.9% of the asking price and these were on the market about 32 days.

54 condos, be they apartment or town homes were sold in 2017, averaging close to asking price and taking about 29 days to sell.

I have prepared an analysis of those sales and other numbers that I am sure will help you when you are preparing to make a real estate move. You can get these here.

            one floor condo in Sunningdale in North London          A beautiful Sunningdale home in North London

    The Sunningdale neighbourhood is located in North London bordered by Fanshawe Park Road West, Richmond Street, Sunningdale Road West and Hyde Park Road and includes Medway Park and Hyland Estates.

   A very short drive to the Masonville shopping area and dining and the big box stores in Hyde Park. Easy access to the University of Western Ontario (UWO or Western), it’s hospital and nearby  research centre.

    5 minutes to downtown London and quick access to great beaches along Lake Huron such as Ipperwash, Pinery Provincial Park, Grand Bend, Bayfield and Goderich.

  The houses and condos in Sunningdale are tastefully laid out with many enclaves and one of a kind homes.

Sunningdale London Ontario Map

 

Other London Neigbourhoods

Hyde Park London Ontario Real Estate Sets Record

 Hyde Park London Ontario Real Estate Houses & Condo Prices

Hyde Park London Ontario real estate sales in 2017 set a record for home sales with 300 houses selling through MLS for 103.07% of the asking price and on average, taking 7 days to sell! 112 condos in Hyde Park were sold, average 100.04% of the asking price and the median days these took to sell was only 15 days!

I have prepared a breakdown of all those sales for 2017 in Hyde Park which you can receive instantly by going here.

Hyde Park is a neighbourhood located in North West London, with  Fanshawe Park Road West to the north Hyde Park Road & Sarnia Road centres the neighbourhood and east of Wonderland Road north, all the way to the south west corner of Oxford Road W . ( Whew! Here is the map, less talk!)

 

2016

    285 houses in the Hyde Park neighbourhood in London Ontario sold through MLS in 2016 , starting as low as $316,000 and up to $605,000 and these all sold close to asking price in about 31 days!

In 2016, 88 condos in Hyde Park were sold, from $218,000 to as high as $620,000 and these took about 41 days to change owners and for 98.4% of the asking price.

All the houses & condos for sale in Hyde Park London Ontario on MLS

 

Hyde Park Neighbourhood by City of London Ontario Hyde Park Neighbourhood as per The City of London

 

Hyde Park London Ontario Map

Other London Neighbourhoods