Sunningdale London Ontario Houses & Condos Houses, Townhomes & Apartments For Sale on MLS, Updated Hourly!
May 2021 Another Torrid Real Estate Market In London Ontario And Area
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.
| Area | May 2021 MLS® HPI Benchmark Price | May 2021 Average Price |
|---|---|---|
| Elgin | $621,400 | $646,427 |
| London East | $506,900 | $502,608 |
| London North | $691,700 | $741,983 |
| London South | $577,100 | $655,662 |
| Middlesex | $856,800 | $808,936 |
| St. Thomas | $507,000 | $547,777 |
| Strathroy | $681,300 | $636,491 |
| LSTAR | $586,200 | $636,053 |
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.
| MLS® Home Price Index Benchmark Prices | ||
|---|---|---|
| Benchmark Type | May 2021 | Change over May 2020 |
| LSTAR Composite | $586,200 | ↑ 42.5% |
| LSTAR Single-Family | $637,700 | ↑ 46.2% |
| LSTAR One Storey | $598,100 | ↑ 49.5 % |
| LSTAR Two Storey | $678,300 | ↑ 43.7% |
| LSTAR Townhouse | $484,900 | ↑ 32.1% |
| LSTAR Apartment | $248,300 | ↓ 8.8 % |
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[1], 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!
- In 2021, as of June 3,homes in the Sunningdale neighbourhood of London that sold through MLS averaged eight days to sell for 101.51% of the asking price! Sunningdale London remains a seller’s market.
- In 2020, 92 houses in Sunningdale London sold through our MLS system from a low of $477,000 to a high of $2,550,000, taking a median of 19 days on the market to sell and those that did, sold for 99.13% of the asking price. 58 Sunningdale London condos sold, from $395,000 to $869,900 and taking 14 days to sell for 102.11% of the asking price.
- In 2019, 62 houses in London’s Sunningdale neighbourhood changed hands through MLS, from $397,500 to $1,470,000 and selling for a median of 98.13% of the asking price and 44 days to change hands. Fifty-five condominiums sold, either apartment style or townhomes, from $345,500 to $1,249,900, taking an average of 42 days to sell for 99.41% of the asking price.
- In 2018, 84 houses in the Sunningdale neighbourhood sold through our MLS system for a median of 98.85% of the asking price of $875,000 and a median time to sell was 30 days! The lowest was $466,000, and the highest was $2,150,000. For Sunningdale London Ontario condominiums, be it townhouses or apartment residences, 44 changed hands in 2018, taking about 33 days and selling for an average of $479,752, which was 99.84% of the asking price. The lowest was $320,000 for a one-bedroom apartment at Village Walk, and the highest was $750,000.
A Little Bit About Sunningdale London Ontario
The Sunningdale neighbourhood in North London is between Fanshawe Park Road West, Richmond Street, Sunningdale Road West and Hyde Park Road and includes Medway Park and Hyland Estates.
In just a few minutes, you are in the Masonville shopping area and dining and the big box stores in Hyde Park. Easy access to the University of Western Ontario (UWO or Western), its hospital and nearby research centre. It is five minutes to downtown London and quick access to great beaches along Lake Huron, such as Ipperwash, Pinery Provincial Park, Grand Bend, Bayfield and Goderich.
Are you buying a Home in London, Ontario & Area? This will help!A townhouse or apartment condo?
Home Seller 101 Do This Before Putting Your Home on The Market To Sell
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