Lambeth & Talbot Village London Ontario Real Estate All Homes For Sale on MLS, Updated Hourly!
May 2021 was yet another remarkable month for home sales activity in LSTAR’s jurisdiction: the Association recorded 1,258 residential transactions via its MLS® systems – year-to-date sales are at an all-time high. At the end of May, there have been 5,175 sales, up 64.3% over the same period last year.
The overall inventory figure, which shows how long it would take to liquidate the existing housing supply in our area at the current rate of sales activity, remained at 0.6 months – its lowest level in the last decade.
The following table illustrates how last month’s benchmark prices compare to the average sales prices. The MLS® Home Price Index (HPI) benchmark price reflects the value of a “typical home” from a certain area as assigned by local home buyers based on various housing attributes. The average sales price is calculated by adding the sale prices for all the homes sold and dividing that total by the number of transactions. Since monthly averages may be skewed by the type of houses sold in that timeframe, the HPI benchmark price is a more accurate way to gauge price trends.
The single-family home remains on top of the local buyers’ preferences, with 937 sales in May. The table below shows the May benchmark prices for all housing types and how they stack against the values from a year ago.
Even though all the increases were seen in the HPI benchmark prices and average sales prices, homes in LSTAR’s jurisdiction appear to be relatively affordable compared to houses from some other major Ontario and Canadian centres. The following table is based on data taken from the CREA National Price Map for April 2021.
According to a research report, a total of $73,250 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase.
The pandemic and the newly introduced mortgage stress test have made the home buying and selling processes a bit more challenging, and this is where an experienced Realtor can really make a difference!
Lambeth in London, Ontario, continues to be a sellers’ market with very few resale homes for sale.
Tell Me More About Lambeth, Talbot Village, Southwinds
Lambeth is a neighbourhood in the southwest of London, about 10 minutes to downtown.
The 401 and 402 highways are 3 minutes away, and within a 20 KM drive are six golf courses! There is a newer shopping plaza at the corner of Colonel Talbot Road and Southdale Road West with groceries, a pharmacy, dining and fast food, banking etc.
Schools and churches are bountiful, along with professional services. Lambeth has homes from entry-level to executive properties and condos. Drive through Talbot Village for new houses and condos or off of Pack Road, Southwinds Village for some sprawling dwellings, or the Outer Drive area going south on Colonel Talbot Road or the heart of Lambeth, some quaint shops and a multitude of services.
Selling A Home in Southwinds, or Talbot Village in Lambeth London Ontario
If The Price Is Not Compelling, The House Is Not Selling!
94.8% of home buyers surf the web to begin their home search. That means home buyers are well aware of what houses are available & selling for.
Today’s home buyers are wiser and have access to information such as sold prices, what’s for sale, even online valuations!
More than ever, the price is the key to selling a house in London, Ontario and the area. Some home sellers think that a higher rate will give them some negotiating room. But in fact, most buyers don’t even look at an overpriced property, much less make an offer on it. Too high of a price can lead to the house listing becoming tired.
The first question a home buyer asks when showing them a house is, “How long has this house been on the market?” If it has been on the market, a seller’s market for more than 7-10 days, buyers wonder if something is wrong with the property. Homes that are well-priced attract buyers.
Over the years, helping hundreds of home sellers successfully sell their homes, we designed a series of checklists, a set on pricing, a series on the process and what to expect, from start to finish, the good and the bad. Our clients love it, and I thought that you might as well.
There are little subtle things that start to add up and, if not checked in time, can mean the difference between your asking price & actual sale price and how much longer it will take your home to sell, not sell or unnecessary problems that can occur!
2018 & 2017 Numbers
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