Would Warren Buffet Invest In London Ontario Real Estate?

  Would Warren Buffet invest in London Ontario real estate? I do not know but if he did, he would use the sound principals that he employs every time he invests.

Using his mentor’s ( Benjamin Graham) advice of : “Price is what you pay; value is what you get”, he would do well.

In this classic 2014 letter to shareholders he compares real estate to a mouthy neighbor shouting his estimate of your farm’s value over the fence at you, while you are busy producing food from the land and the sunshine. The mouthy neighbour has all the advice in the world but never produces.

Or my take of this, the complainypant who says real estate is overpriced, underpriced, interest too high, too low, waaaaah, waaaaah, or neighbours, co-workers or a family member giving advice on real estate.

The wise real estate investor looks at the long term picture, can project revenue over the long haul and does not even think about appreciation or speculating.

 A mentor of mine asked me many years ago“If I want shade 20 years from now, when is the best time to plant a tree?”

Income properties now for sale in London Ontario

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

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

Record Real Estate Sales London Ontario & Area 2017

If you are looking for a houses or condos for sale around London & South West Ontario here are a few neighbourhoods 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

 

A historic year for real estate in 2017

  11,203 Home Sales sets Record in London Ontario & Area for the first time  

The London and St. Thomas Association of REALTORS® (LSTAR) announced that 2017 marked a historic year for residential real estate, with home sales surpassing 11,000 for the first time since LSTAR began tracking data in 1978. In 2017, a total of 11,203 homes were sold, up 8.0% from 2016.

London and St. Thomas reached many ‘firsts,’ from six consecutive months of record sales to robust activity from buyers from outside the city.

In 2017, the average sales price across London and St. Thomas was $330,037 up 18.0% from 2016. By geographic area, London South was $340,793, up 21.7% from 2016. In London North, average home sales price was $407,801, up 18.1% compared to the previous year, while in London East, it was $258,734, an increase of 16.9%.  In St. Thomas, it was $261,481, up 15.2% over 2016.

St. Thomas saw a total of 901 homes sold in 2017, up 6.8% from 2016. In 2017, there were a total of 14,301 home listings, down 1.2% from 2016. The trend of high demand with low supply continued in 2017, with inventory (called Active Listings) down 35.6% from the previous year.

The following table is based on data taken from the CREA (Canadian Real Estate Association) national MLS® Report for November 2017 (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 $1,081,876
Toronto $779,693
Fraser Valley $741,172
Victoria $684,843
Hamilton $545,690
Calgary $450,700
Kitchener-Waterloo $445,855
Niagara $389,016
Ottawa $385,058
Edmonton $372,911
London St. Thomas $332,607
Windsor-Essex $265,565
CANADA $513,433       

November 2017 Numbers

October 2017 Numbers

 For a breakdown of sale prices to asking prices and more, contact me for more detailed information:
 We have the facts about real estate in London Ontario
 I can give you :
  • Days on the market vs List Price Median for the last 10 years
  • Historic count of active listings
  • Historic sales for the last 10 years
  • Historic sales price trends
  • Historic sales and price range
  • Original price vs sold price
  • Sale price / listprice ratios

Why is this information important? Whether you were buying or selling, these numbers will give you peace of mind of the neighbourhood trends, plus, a confidence level for price, expectation levels for negotiating and about 8 other advantages I can help you with.

Our knowledge of the market, our ability to get hard facts and not assume anything or give an opinion that could be biased is the cornerstone of our business and the reason why our volume of business and referrals are growing exponentially.

Oh, a hard work ethic makes a huge difference as well!

London Ontario Real Estate Numbers For November 2017

London Ontario real estate numbers for November 2017 saw 637 homes being sold through our MLS system,  as reported by The London and St. Thomas Association of REALTORS® (LSTAR).  Year-to-date sales are up 9.1%, with a total of 10,790 homes sold, marking 2017 as the year with the highest number of residential sales since LSTAR began tracking data in 1978, with one more month to go.

In November, the average sales price across London and St. Thomas was $322,303, up 11.6% from the same time a year ago. The average year-to-date sales price is $330,039, up 18.0% from November 2016.

In London South, the average home sales price was $344,010, up 16.6% compared to a year ago, while in London East, it was $255,518, up 7.9% from November 2016. In London North, average home sales price was $383,147, up 9.9% compared to this time last year, while in St. Thomas it was $260,763, up 19.4% compared to a year ago.

In November, there were 716 listings, down 9.3% from the same time in 2016. St. Thomas saw a total of 55 homes sold, down 14.1% from the same time last year. Year-to-date home sales in St. Thomas are at 874 homes sold, up 10.1% from 2016.

For a breakdown of neighbourhoods in London, for houses and condos, you can go here.

The following chart is based on data taken from the CREA National MLS® Report for October 2017 (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.

*These statistics are prepared for LSTAR by the Canadian Real Estate Association (CREA) and represent a data snapshot taken on December 1, 2017, based on reported sales activity between November 1 and 30, 2017.

 

 

 

Should a Realtor in London Complain About a Client?

Whacky Wealtor Thoughts

Where on my website does it say ” If you are wierd, different, a complainypant, pennyless, unwashed, rude, your nose up your ass couple looking to buy or sell a house in London Ontario, call me?

Is in a code someplace? Subliminal? The page colours, text, time of day or is that some partake in amber liquids, inhale funny stuff, are short a brick or shallower than a kiddy pool?

I have changed the dates ( if implied), the gender ( if I could tell) and perhaps the neighbourhood.

I get an email from a man who said he had read all my reports, pages and blogs  and wanted to meet me to help him buy a house for him and his mother. Great , I set up an appointment and in the mean time as requested, he sent me his criteria, price range and other pertinent information.

I meet him at my office, seems normal enough, but the more and more he talks and discloses, some things pop up such as his past neighbours were idiots and jerks, no need to get a mortgage, he can pay cash for a $350,000 house.

Me: “You mean a cheque?”

Him ” No, cash”

 Me ” The money does not go to me, it would go to your lawyer who in turn would transfer the fund to the seller’s lawyer upon closing.”

 Him ” I don’t trust lawyers” 

 Me “Why do you say that?”

 Him: A ten minute rant, blah,blah,blah stuff .

     Red flags as a Realtor in London Ontario

 Me: “Well, I cannot help you, you are going to have to use a lawyer.” (Red flags are waving in front of my face, in my subconscious, slapping me across the side of the head.)

 Him: “Ok, will you help me with the names of a good lawyer?” ( Aha, here is my chance to refer him to some lawyers in London just to spite them. But, being a Christian, a professional, kind and sometimes stupid and naive man, I say)

 Me: “Yes”

 So, I research the properties available that meet his criteria and we narrow them down to 2 pretty nice looking houses in good neighbourhoods of London. I review with him the past history of the house, the price comparables, taxes and other real pertinent details that a home buyer should know.

  We book a time for the next day to go see the two houses. That evening, I get an email from him asking if I could help  find a private investigator. You see, it turns out that dog barking causes stress for his mother and he wants me to ensure that there are no barking dogs within 1 block from the house and to put a clause in any offer that the seller guarantees there are no dogs nearby!

  As I have already told him that is a very unusual request and I could not and would not canvass the block for barking dogs, hence, he would hire an investigator for a week to make sure there were no dogs!

 Now, those red flags are jabbing me in my stomach, actually snapping because of the blunt blows to my head and I wake up and say: “Sorry, I cannot help you and I wish you the best”.

 He says: ” Could you refer me to someone else?” ( Wow, another chance to get even and give back to a few peers, but no, being a former beaver cub, sea scout and an all around good guy, I said that I could not think of anybody off the top of my head.)

 End of the story, right? No way, there is more. 

Stay tuned!

Hyde Park London Ontario Real Estate Prices Still Up

Hyde Park London Ontario real estate prices are indicative of most of other London Ontario neighbourhoods.

2017 prices and the days it takes a house or a condo to sell in Hyde Park in London Ontario are setting all time records, will it continue? We are still seeing a shortage of quality houses and condos listed for sale and buyer demand has cooled a bit, I feel things will settle down late fall early winter.

 From January 1, 2017 to August 29, 2017, 234 houses in Hyde Park were sold through our MLS system for an average price of $400,454 which was 106% above the asking price and these were on the market an average 17 days!

 85 condos in Hyde Park sold for an average price of $252,353 which was 102% of asking and these took about 20 days to sell.

 As you can see, Hyde Park real estate is in demand, where do you stand if you are thinking about selling your house or condo in Hyde Park? What about buying?

What you do over the next 90 days is critical, I am sure you have heard that timing is important? In these roller coaster days of pricing and availability, this is where a professionalism comes into play!

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

 In 2015,  245 houses changed hands through MLS (on the market an average 37 days)  in the Hyde Park neighbourhood of London Ontario and those that sold, did so for $286,618 which was 2 % less than the asking price.

For condos in Hyde Park, 95 sold for an average $215,645 and these took about 53 days to sell.

 

Hyde Park London Ontario Housings Stats

In 2014

Home sales in 2014 in Hyde Park London Ontario were quite active with 294 houses selling for an average $281,782 which was 98% of the asking price and those that did sell were on the market an average 34 days.

In this same period, 138 condos in Hyde Park sold for an average price of $186,292 which was 98% of the asking price and these took an average 55 days to sell!

All in all, a very stable market and as Hyde Park keeps attracting more retail and service businesses, the housing market will continue to grow.

Hyde Park London Ontario Map

Other London Neigbourhoods

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