The median home price declined in December. The median price dropped by $16,000.00 from its level in November. The total price erosion since the February high has been approximately $215,500 or 27.7%. The year-to-year comparable shows that the median price dropped below the December 2021 level (-14.9%). All three of the London areas showed declines in the median price levels compared to the same period in 2021.
The Market Advantage Indicator showed a significant change for the month coming in at 77.7. The number of properties coming onto the market slowed at a faster pace than sales during the month. I consider this to be an anomaly due to the low market activity during the month. The Months of Inventory expanded in December to 3.3 months due to a low level of sales activity. The Listed Properties Days on Market rose during the month to 28 days.
Successfully navigating through the selling and buying process in London requires that you select a Realtor that has experience in the London market. If you are planning to sell and/or buy a home in the next few months, please contact me via text or call me at (519) 777-6521.
