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!
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.
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.
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.
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 Business Association Wortley Village official website with events and interesting news.
A Map of Old South London Ontario
Other London Neigbourhoods