The median home price in London increased to $588,000 in February. This represented a 38.4% rise when compared to February 2020. South London continued it’s rapid rise with the median home price up 41.7% over the same period in 2020. I speculate that the contribution of higher value, newly constructed homes are skewing the median price increase in this area. North London followed closely behind at 35.3%. East London rose 26.0% when compared to February 2020. Generally, high demand and low housing inventory are the major drivers behind increases in the median home price.
The Market Advantage indicator moved up from January to 82.0. The common understanding is that scores between 40 and 60 reflects a balanced buyer/seller market. The Median Days on Market showed a rapid Listing turnover rate of 7 days and the Months of Inventory was at the very low level of .6 months.
I believe that providing valuable market information enables you to evaluate the market and make informed decisions. If I can be of assistance in creating a buyer or seller strategy that will be effective in this market, just text or call me at (519) 777-6521. Remember, the first step in the selling/buying process is talking with your Financial Institution or Mortgage Broker about securing your mortgage pre-approval.