The median home price was up 19.2% in April when compared to the same period in 2021. However, the current year's median price data tells a different story. Since the high in February of 2022, the median home price declined slightly in March, followed by a further 9.3% drop in April. In addition, the volume of sales in April declined 27.6% when compared to the same period last year. This indicates that consumers are reacting to the changes in interest rates and the market is transitioning into becoming a more balanced environment.
Another sign of the changing situation is The Market Advantage Indicator. It dropped to 50.7 due to the fact that there were more properties listed than homes sold during the month. The Months of Inventory also increased to 1.2 months, providing slightly more selection of homes for Buyers to consider. The Listed Properties Days on Market was higher in comparison to last month and to the same period in 2021, illustrating that the market still remains fast-paced.
Successfully navigating through the selling and buying process in London requires that you select a local Realtor that you trust. Someone who knows the London market and can create a strategy that will meet or exceed your expectations. If you are planning to sell and/or buy a home in the next few months, please contact me via text or call me at (519) 777-6521.