I look at the real estate market in London, Ontario differently than most in that while prices are important, what drives the market, facts, FOMO (fear of missing out), greed, misinformation or the informed?
As most of you are aware, in my Byron monthly real estate update, I post the number of sales for houses, apartment and townhouse condos, days on the market and the sold price ratio to the asking price.
Yesterday, two of my past clients called me and asked for an update, and without going into a 3-page explanation about the market, here it is:
- From January 1 to August 1, 2022, the average time it took for a home to sell in Byron was eleven days, at August 16, 32 days! In all of 2021, 207 homes were sold through MLS, as of August 16, 199 have sold and we still have four more months to go! The selling price ratio is down 3%.
- Supply and demand always dictates prices that a willing informed buyer is willing to pay, hence, a difference in the Spring market and the market today. There are more choices available for home buyers who are fewer in number than a few months ago and the homes that are selling quickly are priced correctly.
- The doom and gloom dominating the news compete with your attention for readership and viewers locally. The Byron neighbourhood is still vibrant, and in demand, and for informed buyers and sellers, you will do fine!