The heady days of bidding wars and price escalation behind it, the local real estate market has struck a “balance,” said Adam Miller, chair of the London and St. Thomas Association of Realtors.
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September saw 1,320 new listings on the London market, a 12.6 per cent increase from a year ago and the highest total for the month since September 2014.
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“As new listings start to see larger increases, we have moved into a marketplace that shows some balance between sellers and buyers,” Miller said.
Supply is up with an inventory of 4.4 months worth of homes to sell, up from 3.4 months in August. “We haven’t seen those kinds of numbers in years.”
September home sales eased with 476 homes changing hands, down 6.5 per cent from September 2022, but down 16 per cent from August, which had 569 sales.
“With the affordability challenges and increased inventory, we expected a dip in activity,” Miller said. “When you compare the sales over the last few months, the activity is fairly consistent.
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“There is still high demand for homes across the region. With less urgency and more options, it’s giving buyers more time in the market.”
Market snapshot: September 2023 compared to September 2022
- 476 homes sold, a 6.5 per cent decline
- Value: $301 million, 8 per cent decline
- Average selling price: $633,848, a 1.6 per cent decline
- New listings: 1,320, a 12.6 per cent increase
Market snapshot: Year to date compared to first nine months of 2022
- 5,476 homes sold, a 14.6 per cent decline
- Value: $3.5 billion, a 24.9 per cent decline
- Average selling price: $654,580, a 12.1 per cent decrease
- New listings: 10,309, 13.3 per cent decrease.
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