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

 

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Wortley Village Houses Are Selling Quickly. Or Are they?

  There has been a lot of activity concerning real estate sales in Wortley Village, Old South London so far this year, with sale price up on houses, multiple offers, less days on the market (how many days it takes a house to sell) and buyer and seller frustrations!

First: the facts:

  • March – houses sold for 102% of asking price and within 22 days.
  • February- houses sold for 100% of asking price and within 23 days.
  • January – houses sold for 104% of asking price and within 9 days!

In this blog post, I wrote about the 12 month history of sales in London Ontario and the fact that 40% of homes listed for sale did not sell within 60 days, yet some sold for more than the asking price and in a short period.

Was Old South any different? As of March 25, 2017, 43 homes were sold, there are 23 still listed for sale, (9 of those are over 35 days on the market)  and 5 did not sell!

One of the homes that did not sell, the sellers received an offer for their asking price and turned it down! I know of 7 of the homes that sold had more than 10 offers on them!

I have my opinions why this turmoil occurs, there will be disappointments for some and ecstasy for others and perhaps delayed gratification for some or, depending what the real estate market is like over the next 2 years, financial challenges and buyer’s remorse.

Warren Buffet states regularly ” People get emotional about stocks, yet stocks have no emotion for people”. Real estate is no different and fear of loss, greed and ego costs money!

 My point?

Make decisions on facts, not opinions. Most opinions about the weather, a sports team or vacation place do not hurt too much if you are wrong, an opinion without facts about money and real estate really hurts!

 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       

Wortley Village Old South London Houses

   141 houses have sold in Wortley Village, Old South London from January 1, 2016 to August 19, 2016 through MLS  for an average price of $305,124 which was 99.8% of the asking price and these took about 26 days to sell.Which is pretty good so I wonder what the owners whose house did not sell (22 of them) think?

  • Do they blame the London real estate market? Can’t do that, it’s great!
  • Do they blame their Realtor? 
  • Do they blame the economy?
  • Do they blame their asking price?
  • Do they blame the condition of their house?

Wortley Village Old South London houses

The 3 P’s of Real Estate:

  •  Price
  • Product
  • Promotion

​     The home seller controls the price and the product, the Realtor the promotion. At present, there are 33 houses for sale in Old South London and as history has a way of repeating itself, 7 of these have been on the market for over 49 days, which is almost twice as long as the average time to sell!

  7 condos in Old South were sold in the same period at an average price of $244,468 and these sold for 98.9% of the asking price and took about 39 days to sell. Like houses in Old South, 11 did not sell!

A caution here about averages. If one house sold for $500,000 and another house for $250,000, then the average selling price in that period would have been $375,000, scaring off the seller of a $450,000 house and exciting the seller of the $250,000 house!

Or,  tire kickers think they can buy a $500,000 house for 10% less than the asking price  or the mis-informed buyer  paying  $300,000 for a house that is really worth $275,000!

I once heard that real estate would be real stable if people did not over-think too much!

  In 2015

239 houses changed hands in the Wortley Village, Old South London Neighbourhood.

Wortley Village, Old South London Houses

These houses averaged 30 days to sell &  sold for 99% of the average $297,263 asking price! 12 Condos in Old South London sold in the same period for an average $341,916, they took about 58 days to sell for 96% of the asking price.

2014

The real estate market in 2014 in Wortley Village, Old South London was very active with 194 houses exchanging hands for an average price of $289,105 up from the average price of $274,448 in 2013.

These houses for sale in Old South London took an average 33 days to sell and they sold for a little less than 2% of the asking price!

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.

As with any real estate market, some properties are sought after and others, well, are overpriced for the location and condition!

Looking for a house for sale in Old South London on MLS? Here you go!  Or Condos?

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