The London median home price returned to its seven-month trend line in January. In June of 2023, the Median price was $628,200.00 and has declined each month with the notable exception of December when prices rose unexpectedly. The median price has declined by $53,200.00 from June 2023 through to January 2024.
The London Market Price Comparison showed that the median price was 8.0% above the January 2023 level. This year-to-year comparison shows the low point (January) in the median price during 2023. Prices surged upward for the next five months (February-June, 2023) as sales activity increased. It may be reasonable to assume that the London market has reached a turning point and that increased market activity might drive prices upward again in the first half of 2024.
The Market Advantage Indicator returned, as expected, to a balanced position at 52.7. Sales during the month did increase. However, the number of new properties being listed also rose in January. The Days on Market moved up slightly to 34.0 days and The Months of Inventory declined during January coming in at 2.9 months. The reduction of inventory may contribute to upward pressure on home prices if sales activity continues to recover.
Creating a successful seller/buyer strategy starts with obtaining your mortgage pre-approval. Once you are confident in the mortgage amount that you can financially support then we will focus our efforts on selling your existing home and/or looking for the home that meets your needs. Text or call me at 519-777-6521 and we can start the process rolling.
