Covid-19 has done little to slow the demand for homes in London during October.
All market data showed a strong performance for the month of October. The number of properties listed and sold during the month were up 3.7% and 15.0% respectively when compared to October/2019.
The median home sale price increased 28 % in the month as compared to October/2019. The Market Areas showed a similar performance when compared to the same period last year. The East rose 29% and the North was up 29.1%. The South area increased 34%.
The Market Advantage Indicator moved significantly during the month to 91.6. The generally accepted belief is that a market is balanced when the Indicator is between 50 – 60. The amount of housing inventory and high demand are the primary drivers behind the increase.
The Covid-19 protocol for Realtors tightened slightly during the month. We are required to conduct showings of a property, only when it is absolutely necessary. Of specific importance is the adherence to the “vital” condition of the protocol. Buyers must be in a financial position to submit a “bona fide offer to purchase” prior to the showing of any property. For most buyers, that requires the provision of a mortgage pre-approval letter to the buyer’s Realtor prior to the showing. If you are interested in selling and/or buying a property, please contact me at 519-777-6521 and I will review with you the process that we will need to follow.
Not intended to solicit buyers or sellers currently under contract with a brokerage. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, Chris Bramwell and Sutton Preferred Realty Inc., Brokerage does not assume any responsibility or liability.