Has The London Ontario Real Estate Market Slowed Down?

Depending on whom you ask, you are going to hear quite a few viewpoints and the issue I have with viewpoints  is that they are opinions only and as each of us are predisposed to our personal likes and dislikes, biases and even moods, what ever happened to making decisions based on facts?

For example, in July of 2017, the London Ontario real estate market was balanced but still very active, a fact, the Toronto market was down 18% and prices down 9 % ! A fact

So of course, where ever you get your information, be it the National news, Toronto papers or Vancouver or your barbershop or hairdresser, one of the greatest lessons I ever learned was to ask:

“Is it true?”

 I cannot predict the future, I can only control my actions and thoughts for the day so if I want to help a client buy a property today or sell one, I act and take massive action today and everyday  until I succeed, no excuses.

Who cares what the market is doing, if anyone applies the principles of marketing and real estate facts, action occurs!

Home Sales in London Ontario Continues to Set Records

Real Estate in London Ontario and area set a new record in February 2017 with a total of 763 homes being sold, an increase of 17% over the same period last year.

London Ontario Real Estate Sales Are Up Again

In February, a total of 597 detached homes were sold, an increase of 15% over the previous year, while there were 166 condominium sales, up 24.8% from 2016. The average sales price was $307,831 up 7.9% from the previous month.

St. Thomas also had a very healthy February, with a total of 69 homes sold, up 25.5% from the same time last year. The average home price in St. Thomas was $242,028, up 25.7% from the previous month.

House Style Units Sold Average Price
2 storey 158 $436,333
Bungalow 70 $229,471
Ranch 53 $372,968
Townhouse 64 $206,166
High rise apt. condo 44 $193,576

The best-selling house style in the London Ontario are continues to be the two-storey, followed by bungalows and ranches. The average price for a detached home in February was $327,754, up 4.4% from the previous month, while the average price for a condominium was $236,180, up 19.8% from the previous month.

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for January 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.

City Average Sale Price
Vancouver $851,384
Toronto $803,455
Fraser Valley $643,331
Victoria $611,362
Hamilton $522,978
Calgary $466,984
Kitchener-Waterloo $421,151
Ottawa $389,875
Edmonton $360,199
Niagara $346,059
Saskatoon $335,812
London St. Thomas $292,291
Canada $484,306

What does all this mean?

As you can see, our average home price in the chart above is the lowest so value is here, plus, with a shortage of homes on the market for sale and more buyers than sellers, short supply historically causes prices to rise.

London Ontario House Sales up 26.2%

574 homes in London Ontario and area (The London and St Thomas Association of Realtors) (LSTAR) were sold in January 2017, an increase of 26.2% over January 2016

The trend of high demand and low supply continues, with January experiencing a 12.2% decrease in the number of listings compared to the previous year.

houses are selling in london

In January, a total of 434 detached homes were sold, an increase of 15.1 % over the previous year, while there were 140 condominium sales, up 79.5% from 2016. The average sales price was $285,418, up 0.5% from the previous month.

St. Thomas also had a very healthy January, with a total of 55 homes sold, up 39.1% from the same time last year. The average home price in St. Thomas was $192,474, down 28.1% from the previous month.

The best-selling house style in London Ontario & area in January continues to be the two-storey, followed by bungalows and ranches. The average price for a detached home in January was $313,879, up 2.3% from the previous month, while the average price for a condominium was $197,190, up 2.8% from the previous month.

 Is London mirroring Toronto prices?

House Style Units Sold Average Price
2 storey 128 $407,000
Bungalow 58 $229,599
Ranch 37 $362,543
Townhouse 64 $157,469
High rise apt. condo 36 $158,775

You can search all properties for sale in London here.

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for December 2016 (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.

City Average Sale Price
Vancouver $972,529
Toronto $773,251
Fraser Valley $642,233
Victoria $581,915
Hamilton $515,001
Calgary $482,863
Kitchener-Waterloo $425,548
Ottawa $398,557
Edmonton $363,928
Saskatoon $339,993
Niagara $325,100
London St. Thomas $288,748
Canada $486,388

London Ontario Real Estate Mirroring the Greater Toronto Area?

Is the London Ontario real estate market mirroring the Greater Toronto Area (GTA) in multiple offers, no conditions and overpaying for a house or a condo?

London Ontario Real Estate Market Mirroring the GTA?

We are getting real close!

When you see a house listed for sale in London for $375,000 and it sells in one day with 6 offers and the offer that was accepted with no conditions and a price of $425,000, sound similar?

When you see a condominium townhouse listed for sale at $149,000 and it sells in one day with 9 offers and the offer was accepted with no conditions and a price of $165,000, sound the same?

When you see a house listed for sale in London for $626,000 and it sells in one day with 4 offers and the offer that was accepted with no conditions and a price of $689,000, we’re getting there!

Or

What about the 157 houses for sale that have been on the market for close to 60 days and they have not sold?

What about the 63 condo townhouses or apartment condos that have been on the market and they have not sold?

Or

What about the  518 properties that have sold in the London and St. Thomas Association of Realtors (LSTAR) MLS area for an average 99.1% of the listing price from January 1, 2017 to today , January 24, 2017?

To answer the first sentence, though not experiencing the dollar amounts that the GTA experiences, over pricing is occurring, buyer frenzy is occurring and financial prudence seems to be a concept that is not adhered to.

I council my home buyers to be cautious, keep your emotions in check and what happens if you move in 3-5 years from now, will the rest of the properties on your street or in your apartment building or townhouse complex catch up on price?

For my sellers of property, price it right, show it right and market it right and you will be packing real soon!

London Ontario & Area Homes Sets Another Record in Sales

722 London Ontario & area homes sold in November 2016 which was up 15.3% over November 2015 in our local MLS real estate board, London and St. Thomas Association of Realtors® (LSTAR).

LSTAR

2016 continues to break records, with April, June, August, September, October, and now November as new highs in sales. Year to date, sales are up 9.8%.

Listings (properties listed for sale through MLS) were down 12.5% in November, while inventory – as represented by the number of active listings at month end – was down 36.6%.  As you can see, high demand, low supply means this is a seller’s market and if you were ever thinking of selling your house or condo, you may want to take advantage of this vibrant market.

Two-storey houses led the way in popularity, then bungalows, followed by ranches, then townhouse condominiums and finally high rise apartment condos. The average price for a detached home in London Ontario is now $296,943, up 5.2%, while the average price for a condo over the same period is $200,804, up 5.8%.

The average price of all homes sold through LSTAR’s MLS® Year-to-Date stood at $278,758, up 5.4%.

House Style Units Sold Average Price
2 storey 171 $386,434
Bungalow 144 $258,237
Ranch 69 $342,967
Townhouse 67 $179,935
High rise apt. condo 35 $156,184

The following table, based on data taken from the Canadian Real Estate Association (CREA’s National MLS® Report) for October 2016 (the latest information available), shows how homes in our area continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancouver $910,264
Toronto $758,123
Fraser Valley $628,371
Victoria $596,649
Hamilton $530,892
Calgary $464,113
Kitchener-Waterloo $387,198
Edmonton $372,603
Ottawa $367,637
Montreal $365,543
Niagara $342,361
Saskatoon $334,488
London St. Thomas $297,840
Canada $476,099

 

London Ontario Real Estate Breaks Record For Home Sales

Well, here we go again, in September 2016, 866 homes were sold in London Ontario & area according to our local real estate board, LSTAR. (London and St. Thomas Association of Realtors)®, making it the best September ever for home sales.

Real Estate Agent who sells houses London Ontario

716 of these were detached homes & 150 condos on the dot! April, June & August of 2016 were also record months which may make 2016 a record year for real estate activity.

As the result of this activity, the demand for houses & condos in London is strong but with real estate listings down a whopping 31.7%. (Houses & condos for sale on MLS)

What does this mean?

If you are thinking of selling a home in London Ontario, now is a great time and if you are buying a home in London, be prepared to act quickly and have an organized, experienced Realtor help you, if not, the fear of loss and emotion may cost you money!

House Style Units Sold Average Price
2 storey 205 $407,542
Bungalow 173 $226,645
Ranch 110 $345,247
Townhouse 68 $178,896
High rise apt. condo 43 $179,377

The following table, based on data taken from CREA‘  ( Canadian Real Estate Association) National MLS® Report for August 2016 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancouver $853,706
Toronto $736,670
Fraser Valley $621,599
Victoria $564,557
Hamilton $510,204
Calgary $472,983
Saskatoon $413,756
Edmonton $379,006
Ottawa $368,331
Kitchener-Waterloo $364,290
Montreal $360,542
Niagara $331,906
Regina $330,338
London St. Thomas $274,383
Canada $467,082

London Ontario Real Estate Sales Are Up!

999 homes were sold in London and Area in August 2016 making it the best August on record through our local MLS system, “The London and St. Thomas Association of Realtors®, (LSTAR).”

LSTAR

804 detached homes were sold along with 195 condos. Year-to-Date sales were up 9.1% .Inventory (available homes for sale) was down 29.4%.

Sixty two homes sold in St. Thomas in August, slightly short of the total for last August. The average price for a home in St. Thomas Year-to-Date stands at $225,317, up 3.9%.

The best-selling house style in LSTAR’s jurisdiction for August 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

The average price for a detached home Year-to-Date stood at $295,078 up 4.6%, while the average price for a condo over the same period stood at $201,393, up 6.1%.

The average price of all homes sold through LSTAR’s MLS® Year-to-Date stood at $277,236, up 4.8%.

House Style Units Sold Average Price
2 storey 239 $384,384
Bungalow 174 $220,079
Ranch 109 $336,907
Townhouse 95 $188,571
High rise apt. condo 40 $170,676

The following table, based on data taken from CREA’s National MLS® Report for July 2016 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancouver $1,042,110
Toronto $723,865
Fraser Valley $660,985
Victoria $572,339
Hamilton $494,949
Calgary $478,327
Edmonton $386,640
Ottawa $367,984
Kitchener-Waterloo $361,993
Montreal $358,891
Saskatoon $343,309
Regina $319,004
Niagara Region $318,969
London St. Thomas $277,660
Canada $478,954