The London Real Estate market stabilized during May. The number of properties listed and sold during the month were still down 45.6% and 48.3% respectively, when compared to May/2019. However, May showed a slight improvement over last month.
The average home sale price increased 6.3% in the month as compared to May/2019. The Market Areas showed a similar performance, when compared to the same period last year. The East and North areas rose approximately 8% and the South area increased 6.5%.
The Market Advantage Indicator moved slightly during the month to 65.9. The generally accepted belief is that a market is balanced when the Indicator is between 50 – 60. The amount of housing inventory did increase in the month providing more selection to home buyers.
The Covid-19 protocol for Realtors was relaxed slightly during the month. We are now allowed to conduct showings of a property, only when it is absolutely necessary. All other elements of the Covid-19 protocol remain in force. Of specific importance is the adherence to the “vital need” condition of the protocol. Buyers must be in a financial position to submit a “bona fide offer to purchase” prior to the showing of any property. For most buyers, that requires the provision of a mortgage pre-approval letter to the buyer’s Realtor prior to the showing. If you are interested in selling and/or buying a property, please contact me at 519-777-6521 and I will review with you the process that we will need to follow.
