What happened in London real estate in the 3rd quarter of 2018?
Lets start with Sales - in 2018 we saw a small drop of 3.7% compared to 2017 from 1806 down to 1740. Not a major change of any note.
Where we have seen two big changes are in both the number of listings and in the average sales price in 2018.
Listings saw a 206% increase this year moving from 2850 in the 3rd quarter 2017 up to 5871 in 2018!
this is great news for those looking to sell and buy as we have a great deal more inventory to choose from.
The other change, which is somewhat surprising, is the sales price - the reason I say it is surprising is generally when inventory rises prices will stabilize or fall - but that wasn't the case this year, as we saw an increase of 14.4% over 2017 with our average price coming in at $375,370 compared to $328,040
This is an important statistic to note for those of you considering entering home ownership - Prices don't show any sign of slowing, while interest rates are showings signs of increasing...Meaning your purchasing power is shrinking the longer you wait.
If you want to know how these changes have affect your home value - or if you are considering entering the housing market - give me a call and we can discuss in more detail
Jesse Clarke - Sales Representative
Century 21 First Canadian - 519.673.3390