London Ontario Real Estate Market November 1, 2023 in Detail
The six charts below show that the monthly supply of homes for sale has almost tripled, indicating a buyer’s market. The median sales price and days on the market indicate that homes are realizing their value. Some may say prices are falling, but they are now valued at what they are worth! The quantity of homes sold indicates what the first three charts show: more homes for sale; hence, buyers do not have to go wild with their offers and make offers with conditions such as financing or a home inspection and, of course, when interest rates double, it eliminates the economically challenged.
The last two charts break down the market by price and in more detail. I could write a 200-page thesis on the current market, but why? Numbers don’t lie, nor does your bank account! Homes that are priced correctly sell, and buyers who have their ducks in a row will have some of the best buying power and opportunity in the last five years.
The Real Estate Market In London, Ontario From January 1, 2020, to October 31, 2023
The Numbers!
Note: Every month, CREA (Canadian Real Estate Association) makes available to me and other Realtors around 782 pages of data for all the towns, villages and area real estate transactions and comparables, so there is no lack of knowledge about the market, there is a mismatch in interpretation, for some the sky is falling, for others, opportunity.
