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What Was The Oakridge London Ontario Housing Market Like in 2023? Prices And Trends

2023 Oakridge London Ontario Real Estate Market Update

Now is the time to target your home for sale and max the selling price in London Ontario
Houses Sold December 2023 13Apartment Condos Sold December 2023 0Townhouses/Townhomes Sold December 2023 12
Houses Sold in 2023 197Apartment Condos Sold in 2023 26Townhouses/Townhomes Sold Year To Date 85
Time on Market 21 daysTime on Market 24 daysTime on Market 19 days
Price Range $385,000 – $2,200,000Price Range $322,000 – $500,000Price Range $375,000 – $1,290,000
% to Asking Price 99.36%% to Asking Price 97.53%% to Asking Price 100.41%
Oakridge London Area Data as per MLS London St.Thomas Association of Realtors (LSTAR)

Why Are Days on The Market and The Percentage of Selling Price to Asking Price Important to Know?

For both home buyers and sellers, days on the market when a property is listed for sale expose many things. For the last twenty years, I have posted on my site and blogs the days on the market, and for most, it was like blowing in the wind, so what?

Here’s why:

  • A home that is appropriately priced sells within ten days or less!
  • A home that is marketed correctly sells within ten days or less!

You may argue that the floors in your home are covered with gold inlay or the home needs work; it does not matter; what a willing buyer is willing to pay matters. But you say you can wait and hope someone will pay your price; hope is not a strategy, just as hoping to win a lottery is not a strategy to build instant wealth.

When I pull up the days on the market for a London neighbourhood or a condo corporation and see the average days on the market, every time some sold within ten days and others in 30,60 or longer, and when you look at what they sold for, the longer they were on the market, they sold for less than the asking price, even in last year’s buyers’ market when anything sold!

Or, the pictures were poor or enhanced, a poor video or none, the description was boring or beyond belief, and the only marketing was a for sale sign! And then, trying to set a showing was a challenge or ignored!

For Buyers: Knowing the DOM (days on the market) will help you determine the lack of interest in someone making an offer (even though there were many showings) because of price, condition or marketing. The percentage of the selling price to the asking price for similar sold homes or neighbourhoods indicates the market values.

For Sellers: Every home in your neighbourhood, building or complex is competition. Being aware of the DOM and percentage selling price will save you quite a few headaches and worries!

Note: You may disagree or agree with me on the above, which is great about marketing; you have choices as well as I do. I would rather work with clients and be brutally upfront on the market, implode the false perceptions of some buyers and sellers and their advisors! And yes, I have been wrong sometimes, yet numbers do not lie; emotion over logic is the culprit!

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-tos, and what is for sale on MLS. Our primary focus is guiding home buyers and sellers to make good decisions. We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and boring, but we are dealing with hundreds of thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, you do not want to hear blah blah stuff about awards, designations, or that we walk older adults across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; success leaves clues!

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