The median home price in London increased to $603,000 in September. This represented a 24.3% rise when compared to September 2020. East London continued its rapid rise with the median home price up 29.2% over the same period in 2020. North and South London followed closely behind at 25.0% and 24.5%, respectively when compared to September 2020. Generally, the low housing inventory was the major driver behind the increases in the median home price.
The Market Advantage indicator declined from last month to 80.6. The common understanding is that scores between 40 and 60 reflect a balanced buyer/seller market. The Median Days on Market showed a rapid listing turnover rate of 8 days and the Months of Inventory remained 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.
