The London housing market was impacted by the Ontario State of Emergency Order and the Real Estate Associations protocols issued to address the health risks of the Coronavirus. Overall sales activity dropped 57% when compared to April 2019 and new listing activity was down 52% versus April of last year.
As the overall market activity dropped in April, the amount of housing inventory increased. The result has been a movement toward a more balanced market as shown by the Market Advantage Indicator at 64.4 for the month.
The average home price was up only .3% in April as compared to the same period in 2019. Each Area in London performed differently. The North and East Area saw a 4.6% increase and 3.9% increase respectively when compared to April 2019. However, the South showed a decline of 1.6%.
I am following the Provincial orders for Realtors and the specific directions issued by the Real Estate Associations. Realtors were considered to be “Essential” only to support the completion of sales that were in progress at the time of the shutdown and provide assistance to clients with “Vital” real estate needs, thereafter. All face-to-face business has stopped. Therefore, I am limited to provide only remote services at this time. However, I am still responding to all inquiries and will try to provide as much assistance as possible. Hopefully, the most challenging times are behind us and we can start the recovery process.