The Autumn London Ontario Housing Market Stays Strong
The strong spring and summer has continued through into fall. We have seen several months of back to back to back record sales. August 2016 saw 804 detached homes traded hands as well as 195 condos, a record month for sales. This was followed up in September with another record month where 716 detached homes and 150 condos were sold. October continued the strong numbers, seeing the sale of 711 detached homes and and 114 condos. Year-to-date sales are up 9.3% year over year when compared to 2015. Even as the number of homes being sold continues at record levels, the number of properties listed during the month of October was down 12.3% from 2015 numbers and the over all number of listings on the market is down 33.8% from a year ago. Demand is high and supply is low. It is an excellent time to sell your home.
Even with the very active market buyers are remaining sensible. Though stories abound about multiple offers and sellers receiving thousands over asking price, the actual numbers show a much more modest and reasonable increase in prices given the conditions. In spite of the number of properties sold increasing by 9.3%, prices for detached homes have only risen by 5% to $296,445. The average condo has increased a little more, up 6% to an average price of $201,270. When you combine detached homes and condos together, the average price has grown to $278,471, a 5.3% rise. These are solid, but reassuring, numbers in terms of long term affordability.