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 Sets Record

London Ontario real estate sets record for 2016 and I have  included the last 10 years of stats , will 2017 be another banner year? Stay tuned.

The London and St Thomas Association of Realtors (LSTAR) announced 2016 was a historic year for real estate, with residential sales surpassing 10,000 for the first time. In 2016, a total of 10,193 homes were sold, up 8.8% from 2015.

LSTAR

In 2016, a total of 8,260 detached homes were sold, an increase of 9.2% over the previous year, while there were 1,933 condominium sales, up 7.2% from 2015.

There was a 10.4% decrease in the number of home listings, with a total of 14,867 listings for 2016, which illustrates the high demand and low supply, with inventory (what is called Active Listings End of Period) down 39.2%.”

For London Ontario neighbourhood numbers or London Ontario Condos

St. Thomas Ontario had another strong year, with a total of 854 homes sold, up 2.9% from the previous year. The average home price in St. Thomas was up 7.7% over 2015, at $233,476.

House Style Units Sold Average Price
2 storey 2,550 $383,082
Bungalow 1,803 $226,283
Ranch 1,153 $341,800
Townhouse 895 $173,161
High rise apt. condo 460 $173,205

Real Estate London Ontario sets record 2016

 You can search all the houses and condos for sale in London Ontario and area here.

The best-selling house style in 2016 continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in 2016 was $297,480, up 5.4%, while the average price for a condominium was $200,335, up 5.6%. The average price of all homes sold in 2016 through LSTAR’s MLS® was $279,057, up 5.5%.

The table below  is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for November 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 $940,900
Toronto $780,047
Victoria $652,237
Fraser Valley $634,597
Hamilton $520,353
Calgary $469,766
Kitchener-Waterloo $415,136
Ottawa $380,003
Edmonton $372,565
Montreal $359,615
Niagara $338,970
Saskatoon $335,424
London St. Thomas $290,489
Canada $496,351

If you like numbers and stats, here is a 24 page report including a breakdown of sales by type, by year, by dollar amounts and the following.

  • Sales to New Listings Ratio – 10 Year Review
  • St. Thomas Statistics
  • MLS® Residential Sales, Jan.1 – Dec. 31, a 10-year review
  • MLS® Listings, Jan. 1 – Dec. 31, a 10-year review
  • Active MLS® Residential Listings, Jan. 1 – Dec. 31, a 10-year review
  • Average Residential Price in Association’s Jurisdiction
  • Total MLS® Dollar Volume, Jan. 1 – Dec. 31, a 10-year review
  • Average Residential Prices, including London and St. Thomas, 1987-2016
  • Relative Affordability
  • Fifteen-Year Condo Review
  • Here is the PDF

Ban The Word ‘If’ in Real Estate in London Ontario

As humans, why do we if ourselves all the time? If I would have done that, or this, or said this and on and on it goes. Just yesterday in my real estate business I heard the following:

ban the word if

If I, if we, if they, if she, if he

You see that field over there? Look at all the houses on it, if I only listened and bought it when I had a chance.

What do you mean they did not accept my offer on that house? (It was way too low) If I listened to you would I have got the house at the price you suggested? (Probably)

How come we are not getting any offers on our house? We had 2 the first week and we are getting at least 3 or 4 people a week seeing our house, but no more offers. (The house is a little tired and  buyers and their Realtors feel it is now overpriced) If I would have accepted that second offer, it was pretty good wasn’t it? (Yes)

I if myself as well, if I stand in that checkout line, will it be quicker than the other 3? If I don’t make those follow up phone calls, what are the consequences? If I do this, if I do that!

I read that iffing is a normal human (emotion) (reaction) (call for help) (uncertainly) or all of those.

I do not have the answer but I vow not to use the word if today!

Remodeling Your Home in London To Stay or Sell?

Are you planning to make major home improvements to your home in London Ontario?.  Are you worried about getting your  investment back when you decide to sell?  How do you  know if you are spending wisely?

updating your home in London Ontario?

 When remodeling, you must weigh the cost of the remodel versus the value of the finished product.  When I say “value,” I am not only talking about resale value, but I am talking about the value of the remodel to you personally.  Some important questions to ask are how long you will be staying in your home and what benefits will the remodeling project bring to your daily life.

Regarding resale value, your remodeling project needs to be assessed based on your neighborhood.  The best home improvements are cosmetic improvements.  Minor updates to the kitchen and bathrooms, or a new roof are always valuable.  Aesthetic additions such as new carpeting or paint are another type of remodeling project that returns almost 100 percent of their cost to the value of your home.

For larger projects, the average return within one year after the remodel varies.  Major kitchen remodeling gives an average return of 71 percent, a family room addition at 77 percent, a master suite averages 83 percent, and window replacement 68 percent.  As you can see from these examples, your remodeling project will always add some degree of value to your home.

When remodeling, it is important to remember that you will be selling your home someday and you need to make wise remodeling decisions.  You may want to weigh the up-front cost of the project versus the usefulness to you and added value to your home.

If you are thinking of selling or buying a home in London Ontario soon, and require the in’s and out’s of a renovation and the best return,  call a REALTOR® who can give you the right information based on facts, not opinions.

Real Estate in London Ontario, Stress and Being Canadian

I, like most, am inundated daily with news paper headlines, TV evening news and morning radio news about the economy, health care costs, the tragedy of the day and on and on.

ducks in a row

Canadians have their ducks in a row

As Canadians, are we listening or are we putting our heads in the sand?

The reason I ask is that in a recent poll, here is what we are thinking ( or what the pollsters want us to think what we we are thinking):

Attention all news reporters: the sun is still going to come up tomorrow!

  • 78% of Canadians expect family incomes to either increase or stay the same during the next year.
  • 44% of Canadians think this is the best time to buy real estate in London Ontario. (I, of course, being a Realtor, agree. Some of the lowest interest rates ever and a steady  market in London, Ontario).
  • In the United States for example, the economy has caused Americans to experience 66% stress, ( Trump & Clinton, no wonder),  Canadians only 35%.
  • 57% of Americans have anxiety with Canadian anxiety being 30%
  • 46% of Americans are losing sleep over the economy and Canadians only 40%
  • 32% of our neighbours to the south have suffered depression while 15% of Canadians experience depression.
  • 33% of the world cut their spending on mobile phones, in Canada only 22%.
  • 10% of Canadians reduced their internet spending
  • 17% cut spending on digital, satellite or cable TV.

So, in summary, do we Canadians not pay attention, are we stubborn, do we wear rose coloured glasses or are we just simply optimists who go on with our daily lives, doing the best we can and having confidence that the future can only get better?

Enjoy your day and if you can, help some one else enjoy theirs too!

Resisting Change in Real Estate in London Ontario

Image

Did you know that we are programmed to resist change, even when it’s in our best interest?

Chip Heath, a Stanford business professor, an author of 2 great books Made to Stick: Why Some Ideas Survive And Others Die” and “Switch: How to Change Things When Change is Hard”, covers change and why we resist change.

He states that our analytical, rational side may say” I want a better beach body”, but our emotional side says “I want the Oreo cookie”.

So at work, we may want to change how we treat our customers and clients, but our emotional side is in love with the comfort of routine. Heath writes that we need to align those two conflicting sides of ourselves.

How?

You have to convince your emotional side of yourself  to go along with the change and not just motivate the rational, analytical side.

Real estate and practitioners of real estate face change daily and some let the change beat them up. How many have you heard “I’ve done it this way for 10 years and that’s the way it is.”?

“Why did they make those changes at ___________? I liked “the old way” or my favorite “I hate this new system, new phone, new app, new boss, new headache”.

Well, for me, I welcome change because if I stop learning and growing, I die. I don’t want that to happen yet  so bring it on, give me all the change you got, and by the way, how to sell your house in London Ontario is changing too.

Note: I wrote the above 13 months ago and change has reared its head because of the following:

 The hosting company, Point 2 and Yardee Canada have decided that by December 31, 2016, all blogs posted on their servers will no longer be available.

After December 31st, 2016, the old blog versions will no longer be available in Point2 Agent. Please make sure to switch to the new built-in WordPress platform by the end of this year. 

The public content of your old blog will be online until December 31st, 2016. If you would like to move the existing content to the WordPress platform, you will need to create new posts and copy/paste the old content.

After 1593 posts at the Envelope Real Estate Blog , they are all gone! Even my 966 blogs in my condos in London blog as well.

 Change is good and WordPress may be one of the better platforms for bloggers so I welcome the change and  bemoan the loss of my past efforts .

 Bear with me in this new blog platform, I am not a copy and paste person, so will not copy and paste 2000 plus blog posts to the new platform.

 It has been said content is king, so as a pauper I will try to ascend to the top again!

Ty