Wortley Village Old South London Real Estate Update

  There has been a lot of activity concerning real estate sales in Wortley Village, Old South London so far from January 1, 2017 to July 9, 2017 , with sale prices up , multiple offers, less days on the market (how many days it takes a house to sell) and a few buyer and seller frustrations!

148 houses were sold through MLS in this period, it took about 15 days to sell at an average $355,400 which was 104% of the asking price.

8 condos exchanged hands as well, taking around 18 days to sell, averaging $393,063 which was 102% of asking.

In this blog I wrote The London Ontario real estate market in July  , the article reflects what Old South did compared to the rest of London Ontario and 10 other cities across Canada

As well,  how some external events may have an effect on the real estate market, especially prices and may occur within the next feew months!

 206 houses were sold in Wortley Village, Old South London in 2016 through MLS, starting as low as $200,000 and up to $749,00 and the 26 days on the market and most selling for full price verify that the real estate market in London Ontario and especially this neighbourhood  is very healthy!

11 condos sold in the same period for 98.9% of the asking price and took about 42 days to sell.

​  The character and charm of this great London neighbourhood is what attracts home buyers and the people who do live in Old South love the ability to walk and shop in the Wortley Village core, with tree lined streets and no cookie cutter homes.

Living in Old South London Ontario         

​ Check out these homes for sale in Wortley Village & Old South London

                         Wortley Village  in Old South London    

Wortley Village is heart of Old South London. The unique village ambiance associated with Wortley Road is the result of a century of change and adaptation.An attractive commercial setting has developed into a unique shopping & dining area.

Wortley Village London Ontario

Near by is Thames Park, which provides recreational activities including  4 tennis courts, playground equipment, outdoor pool,  picnic areas, and access to London’s riverside bike and walking trails.

 

trails in London Ontario

With some buildings over 100 years old, over 80 small businesses and establishments  and with an abundance of inviting parks, Old South is the only region in London which offers an enticing blend of history, shopping and nature in a few square kilometers.

The homes in Wortley Village and Old South offer uniqueness, style and a neighbourhood belonging with quite a few events held yearly . The new YMCA has proven to be quite popular and another drawing card for Old South London

 

Old South Wortley Village

Old South Business Association Wortley Village official website with events and interesting news.

A Map of Old South London Ontario

Old South London Ontario Map

 

Other London Neigbourhoods

London Ontario Home Sales Sets Another Record

Well, here we go again, The London and St Thomas Association of REALTORS® (LSTAR) announced another record month for residential sales in April, with a total of 1,220 homes sold, an increase of 14.2% over the same period last year. This represents the best results ever for April, since LSTAR began tracking sales data in 1978.

In April, a total of 971 detached homes were sold, an increase of 11.7% over the previous year, while there were 249 condominium sales, up 25.1% from 2016. The average sales price was $347,062 up 5.4% from the previous month. The average year-to-date sales price was $325,286 up 16.6% from 2016 average home price of $279,057.

St. Thomas also had a very healthy April, with a total of 97 homes sold, up 12.8% from the same time last year. The average home price in St. Thomas was $270,439 up 9.3% from the previous month.

What are the reasons?

  • More buyers than sellers (less homes for sale)
  • The rest of Ontario is realizing that London Ontario and area remains one of the best communities to live in plus affordable housing.
  • Ample employment
House Style Units Sold Average Price
2 storey 287 $506,988
Bungalow 119 $286,981
Ranch 114 $429,585
Townhouse 97 $204,960
High rise apt. condo 69 $200,007

The best-selling house style in April continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in April was $372,461, up 4.7% from the previous month, while the average price for a condominium was $248,020 up 14.5% from the previous month.

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

Home prices in Canada

Some neighbourhoods in London have experienced a significant rise in prices and in most cases, bidding wars.

London Ontario Real Estate Sets Another Record

March 2017 was another record month for real estate sales in London Ontario and area as reported by our local real estate board, The London and St Thomas Association of REALTORS® (LSTAR).

New Mortgage Rules

1,242 homes sold an increase of 44% over the same period last year. This represents the best results ever for March since LSTAR began tracking sales data in 1978.

In the first quarter of 2017, year-to-date sales were up by 30.4%, compared to 2016 and the average sales price was $314,847, up 12.8% from the same period in 2016.

In March, a total of 1,006 detached homes were sold, an increase of 46.9% over the previous year, while there were 236 condominium sales, up 34.9% from 2016. April is shaping up to be similar to the last 3 months, low supply of homes for sale and a high demand from buyers.

St. Thomas also had a very healthy March, with a total of 108 homes sold, up 44% from the same time last year. The average home price in St. Thomas was $247,455 up 2.2% from the previous month.

The best-selling house style in March continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in March was $355,651 up 8.5% from the previous month, while the average price for a condominium was $216,539 down 8.3% from the previous month.

House Style Units Sold Average Price
2 storey 315 $471,815
Bungalow 112 $267,521
Ranch 110 $426,961
Townhouse 104 $197,032
High rise apt. condo 55 $195,902

 

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

Home Prices Canada

What does all this mean? For those thinking of selling their home, now may be one of the best opportunities to sell quickly and for a good price and for those buying a home, know what you want and have your financing in order, we are seeing more multiple offers and fewer conditions.

Will this trend continue? All the indicators such as buyers coming from the Greater Toronto area coming to London, London’s historically lower real estate prices and the location of London Ontario, between two of the Great Lakes, Highway 401 and proximity to the US border and less than 1 ½ hours to Toronto.

Lambeth Talbot Village Neighbourhood in London Ontario

Lambeth Talbot Village Houses

101 houses in Lambeth, Talbot Village neighbourhood in London Ontario were sold from January 1, 2016 to August 20, 2016 at an average price of $430,961 and these were on the market an average 39 days and sold very close to the asking price! Unfortunately, 12 houses in Talbot Village, Westwinds and Lambeth did not sell and at present, there are 27 houses in Lambeth for sale.

3 condos in this neighbourhood were sold for an average $436,125 as per our local MLS.  These took about 18 days to sell! There are two condos in Talbot Village for sale but have been on the market since April 2016.

  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