The median home price in London increased to $495,000 in November. This represented a 30.3% rise when compared to November 2019. North London had its largest increase this year at 36.4% when compared to the same period in 2019 and South London followed closely behind at 33.0%. East London rose 24.1% when compared to November 2019. High demand and low housing inventory are the major drivers behind increases in the median home price.
The Market Advantage indicator reached its highest level this year, coming in at 106.1 during the month of November. 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 8 days and the Months of Inventory was at .6 months, its lowest point in years.
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.