The London median home price increased slightly in May, confirming an upward trend. The median price rose by $5,000.00 from its level in April and has increased by $77,550 since January 2023. The year-to-year comparable shows that the median price remains below the May 2022 level (-8.8%) but the year-to-year comparative difference continues to tighten. All three of the London residential areas indicate that the median price levels are below the same period in 2022 but the comparative difference has reduced significantly since the start of the year.
The Market Advantage Indicator continued to slightly favour Sellers during May, coming in at 62.8. The Months of Inventory levels continue to decline slightly in May to 1.5 months as sales activity in the market increases. The Properties Days on the Market dropped to 11.0 days in May, showing that the market is becoming more competitive for Buyers. This is especially true in homes listed below $600,000.00.
Developing an effective Sellers or Buyers strategy could not be more important to consumers entering the London market. I would appreciate the opportunity to work with you in creating a plan that will support the move to your next home. Text or call me at 519-777-6521.
