House Prices In London Ontario Area Continue To Rise in 2019

  In March 2019. There were 814 homes sold in our MLS district, The London and St. Thomas Association of REALTORS® (LSTAR). The number of home resales was right on par with the 10-year average and March was the third consecutive month to post gains over sales one year ago.2019 real estate trends London OntarioIn the first 90 days of 2019, there have been 1,939 home resales, which is an increase of 6.0% over the same period last year.

One of the trends in March was the increase in inventory (called active listings) that was felt in several regions. Overall, there are 1,411 active listings in the marketplace, which is 14.5% more than March of 2018.

The communities that experienced the most significant gains were St. Thomas, which had active listings increased by 51.1%, followed closely by London North, which saw a 51.0% increase, and Middlesex County with a 20.1% increase.”

Average home sales price continued to make steady gains in the five major areas of LSTAR’s jurisdiction.

The largest year-over-year gain was in St. Thomas, with a March average sales price of $361,426, up 21.8% compared to March 2018. Meanwhile, in London, the March average sales price was $416,085, up 12.7% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $405,956, an increase of 11.3% over March 2018.

Area February Average Sale Price
Elgin County $366,156
London $416,085
Middlesex County $478,386
St. Thomas $361,426
Strathroy $386,640
LSTAR $405,956

Average sales price does factor all housing types, including single detached homes, as well as high rise apartment condominiums. The most popular housing type is the 2-storey house. The average sales price for a 2-storey in London was $554,015, up 5.3% from March 2018, while in St. Thomas it was $395,957, an increase of 13.8% over the same time last year.

The following chart is based on data taken from the CREA National MLS® Report for February 2019 (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.

Average home prices in Canada at the end of February 2019

The World As 100 People -No Need For Realtors

   The World As 100 People!

  The World As 100 People

If you could shrink the earth’s population to a village of exactly 100 people, with all the existing human ratios remaining the same, it would look like this.

  • 57 Asians
  • 21 Europeans
  • 14 from the Western Hemisphere
  • 8 Africans
  • 52 would be female, 48 would be ….?
  • 70 would be non-white, 30 white
  • 70 would be non –Christian, 30 would be Christian
  • 59% of the world’s wealth would be in the hands of only six people, and all six would be North American
  • 80 would live in substandard housing
  • 70 would be unable to read
  • 50 would suffer from malnutrition
  • Only one would have a university degree
  • No one would have a computer
  • One would be near death, and one is about to be born.

You can see that there are no real estate people, no lawyers, no accountants, no car salespeople, no need for voice mail, no waiting for cable or phone hook-ups, no surly or indifferent waiters, no taxman, no politicians, no lineups, no ________________ (your pick).

  Why not drop me a line with what the moral of the story should be!

Townhouse For Sale Pond Mills, Needs TLC A Bargain At $185,000

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Needs Some Love

•  2 bath , 3 bdrm townhouse – FOR SALE  CAD185,000 . A Wow Price

Wow, a three bedroom, 1 1/2 bathroom townhouse for sale in an excellent condominium neighbourhood. It is being sold “as is.” Open house this Sunday 2-4 PM. Great location, easy access to 401, walk to schools, parks and shopping, needs some TLC, the last two sales in this complex were $240,000 and $225,000!

Property information

Who Do You Listen To When Buying London Ontario Real Estate?

When you go shopping for a house or condo to buy, two homes are competing for your attention: the one that meets your needs, and the one that fulfils your desires.

looking to buy a house or a condo in London Ontario

In one of the greatest financial books ever written, ‘The Richest Man in Babylon,’ George Clason writes that there are two kinds of study: the one type being the things we learned and knew, and the other being the training that taught us how to find out what we did not know.

I read this book yearly to refresh and remind myself of some straightforward financial basics, while very simple and easy to do, most Canadians do not follow, perhaps because it is so simple to make wise financial decisions.

It is like a person complaining of a sore belly, goes to their doctor and tells the physician that Dr. Google says it is blah blah blah! The kind physician ( the one not rolling their eyes or thinking “Oh no, here we go again) will ask questions, identify the cause or the remedy and treat the problem.

In real estate the same thing, wise, intelligent people listen to what their neighbour or co-worker says, read “how to save thousands when buying real estate’, or watch all those reality shows and then become experts in buying a house or a condo.

Home sellers and their real estate representative love you, because you are the one who overpays for a home (yet brag that you got a good deal, yadayadayaa) or find out that the house has structural issues or a neighbourhood stigma.

It’s like losing weight; it’s easier to buy bigger pants!

Getting back to The Richest Man in Babylon, why not let your ego sit down for a while and find out what you do not know about buying or selling a home? In real estate, we do not have a Dr. Google, but we have everyone who has ever bought or sold a home as experts on how to buy or sell a home.

If I offended anyone by being blunt with the last paragraph, hopefully, I have at least brought more awareness that perhaps you do not have all the answers and that a professional Realtor may be your greatest asset.

London Ontario Real Estate Sales Robust July 2018

If you are looking for a houses or condos for sale around London & South West Ontario here are a few neighbourhoods in London you may want to consider.

Byron Delaware Dorchester
Hunt Club Hyde Park Ilderton
Kilworth Komoka Lambeth
Masonville Oakridge Pond Mills
Riverbend Stoneybrook Summerside
Sunningdale University Western Ontario Uplands
Warbler Woods Westmount Wortley Village Old South London

 

 London Ontario and Area House & Condo Sales for July 2018

  Sellers Market London Ontario

 

July 2018 marked the third best July for London Ontario real estate since 1978 as exactly 1000 homes were sold using our local MLS, London and St. Thomas Association of REALTORS® (LSTAR)

This is the third consecutive month of at least 1,000 homes being sold and the resale activity remains above the 10-year average. Inventory remains at a 10-year low, while we continue to see an increase in average sales price,

By geographic area, London East made the largest gains, with an average price of $288,648 – up 14.3% from July 2017 and up 40.2% compared to July 2015. The average sales price in London North was $441,035 – up 8.0% from July 2017 and up 35.9% compared to July 2015. Meanwhile, the average sales price in London South was $370,399, up 10.9 percent from July 2017 and up 32.2% from July 2015.

Overall, the average July sales price across London and St. Thomas was $360,068 – up 10.3% from July 2017 and up 34.2% from July 2015. Going back further, it’s a 68.2% increase compared to the average sales price 10 years ago.

St. Thomas saw a total of 79 homes sold in July, down 7.1% from the same period last year. For inventory, there were 87 active listings, down 22.3% from last July and down 67% from July 2015. The average home sales price in St. Thomas was $303,988 up 15.9% from July 2017 and up 35.5% from July 2015.

The following chart is based on data taken from the CREA National MLS® Report for June 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

Average Real Estate Sales Across Canada

 March 2018 Numbers

February 2018 Numbers

January 2018 Numbers

Is It True About London Ontario Real Estate?

Is It True?

Every week I talk to hundreds of people about real estate, not only buyers and sellers, but Realtors, lawyers, mortgage people, home inspectors, want-to-be real estate moguls, tire kickers, blog comments, whiners, goody two-shoes, and to my past clients, friends and family.

I bet I hear 50 different opinions about real estate and when I ask why they say or think the way they do, it is because they read something (even though it was a British newspaper), watched something on TV (American), or their accountant, financial impersonator or boss said something that they most likely got from something they read or saw on TV!

So, I always ask, is it true?

Well, you would think I was asking them to go for a prostate exam; they get uptight (a pun) and then spout words of wisdom! I believe that facts don’t lie and until I can walk on water, I cannot predict the real estate market –or maybe I could if I made a career change and became a weather forecaster.

Enjoy the rest of the summer!

London Ontario Real Estate Market Sales Down, Prices Up

May Sales  Down 24.4% For London Ontario Real Estate and Area

  Sellers Market London Ontario

1171 homes were sold in London Ontario & area in May, as reported by our local MLS board, The London and St Thomas Association of REALTORS® (LSTAR).  Sales were down 24.4% over the same time last year, which saw a record-setting month for May with 1,549 homes sold. The May 2017 home sales stand as the highest ever sales month in LSTAR’s history, since the Association began tracking sales data in 1978.

The homes sold were actually above the 10-year average, despite the ongoing challenge of low inventory in the marketplace. Similar to what’s happened each month this year, home prices continue to gradually increase across the region, as fewer homes are available for sale.”

The average May sales price in London and St. Thomas was $366,096 up 6.4% over May 2017 and up a whopping 28.4% over May 2016. By geographic area, London South was $370,851 up 4.4%, in London North the average home sales price was $451,556 up 4.7%, while in London East, it was $291,359 ,an increase of 11.1% from May 2017.

In St. Thomas, the average sales price was $288,723 up 11.2% over May 2017. St. Thomas saw a total of 100 homes sold in May, down 12.3% from the same period last year. For inventory, there were 82 active listings, down 28.1% from last May and down 49.7% from May 2016.

   Why?

The trend over the past 6 months in the marketplace is low inventory, which remains at its lowest level in 10 years!

In May, there were 1,643 active listings, down 7.7% from this time last year and down 44.6% from May 2016. The sales-to-new listings ratio was 70.8%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favours sellers.

The following chart is based on data taken from the CREA National MLS® Report for April 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.

Average home prices across Canada

 March 2018 Numbers

February 2018 Numbers

January 2018 Numbers

Houses For Sale London Ontario With Pool

Now that the weather is warmer and pool season starts, I have dedicated a page called houses for sale London Ontario With Pool.  Original, huh?

Well, at the writing of this post, there is 76 of them for sale in London Ontario and area, and on this page not only will you see some great houses, but you will get taxes, room sizes, walk scores, maps, schools and even my number if you want to see any of them.

Houses with pools London Ontario

London Ontario Houses With a Pool

If you have never owned a house with a pool before, it would pay to do your homework on pumps, heaters, covers, salt water vs chlorine, liners, cleaners and the toys.

Most real estate legal issues is because of pools!

As a buyer, protect yourself when making an offer by working with a Realtor who has pool experience and make sure you have clauses regarding the existing pool to protect yourself from unwanted expenses that you had not planned on.

As a seller, it can be a two bladed sword, however, an experienced Realtor can help prevent you from pool issues coming back to haunt you.

As with most things, you get what you pay for and sometimes you don’t, just know before hand what you are getting yourself into!

Enjoy the season

London Ontario Real Estate Sellers Market!

April Sales Down 19.6% in London Ontario and Area

  Sellers Market London Ontario

983 homes were sold in April 2018 recorded by The London and St. Thomas Association of REALTORS® (LSTAR), down 19.6% over April 2017, which set a record for the best April results since LSTAR began tracking sales data in 1978.

Home sales are down compared to the record breaking total in 2017 but they remain at par with the 10-year average. Home prices continue to rise across the area as there are fewer homes for sale than average.

The average April sales price in London and area was $367,433 up 5.0% over April 2017 and up 33.6% over April 2016. By geographic area, London South was $375,031 up 0.9% from last April. In London North, average home sales price was $454,847 up 7.3% compared to the previous year, while in London East, it was $306,469, an increase of 14.1% from April 2017.

In St. Thomas, it was $285,316 up 7.7% over last April with 72 homes being sold, down 23.4% from the same period last year. When looking at inventory, there were 56 active listings, down 38.5% from last April and down a huge 68.5% from April 2016.

Over the last few months, London has been challenged with low inventory, and that trend continued in April as there were only 1,401 active listings, down 13.9% from this time last year and down a whopping 50.6% from April 2016. The sales-to-new listings ratio was 70.9%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favours sellers.

As the spring season is here, this may be an opportune time if you’re considering selling your home.

The following table is based on data taken from the CREA National MLS® Report for March 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.

City

Average Sale

Vancouver

$1,001,646

Toronto

$752,730

Fraser Valley

$736,179

Victoria

$684,061

Hamilton

$539,033

Kitchener-Waterloo

$484,371

Calgary

$465,607

Ottawa

$406,902

Niagara

$400,317

Edmonton

$374,159

London St. Thomas

$356,183

Windsor-Essex

$271,579

CANADA

$471,501

 March 2018 Numbers

February 2018 Numbers

January 2018 Numbers

London Ontario Real Estate Market Down 37.9% March 2018

March Sales Down 37.9% in London Ontario and Area

Home sales in London Ontario and area in March 2018 were down 37.9% from March 2017 as reported by The London and St Thomas Association of Realtors (LSTAR), with 769 homes being sold.

  Why?

Very few houses and condos for sale, for example, there were 1,192 active listings (homes for sale), down 20.4% from this time last year and down 55.3% from March 2016. This is similar to last month with the March 2018 inventory being the lowest level for the month in the last 10 years.

London Ontario Real Estate Market

Average home sales price across London and St. Thomas continues to rise, despite the low inventory. The average March sales price in the region was $364,112 up 8.6% over March 2017.

Geographically, London South was $360,587 up 3.1% from last March.  London North, average home sales price was $438,827 up 7.1% compared to the previous year, while in London East; it was $291,161 an increase of 8.4% from March 2017. In St. Thomas, it was $295,980 up 18.5% over last March.

According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced housing market. In March, London and St. Thomas had a sales-to-new listings ratio of 75.1%, which CREA says represents conditions in the marketplaces that favour sellers. It reinforces the trends LSTAR Members have been experiencing, with low supply and high demand, and also managing multiple offer situations and out-of-town interest in our region.”

St. Thomas saw a total of 73 homes sold in March, down 29.1% from the same period last year. When looking at inventory, there were 42 active listings, down 51.2% from last March.

The following chart is based on data taken from the CREA National MLS® Report for February 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.

London Ontario Real Estate Comparison  Across Canada

February 2018 Numbers

January 2018 Numbers