Home prices continue to rise with the median price increasing by 24.4% in December when compared to the same period in 2019. All market areas within London show similar percentage increases when compared to the same period last year. The Market Advantage Indicator jumped again for the third straight month to 122.6. The Listed Properties Days on Market remained the same in comparison to the previous month but much lower than December 2019. Months of Inventory improved slightly to .7 months. The increase in home prices has been driven by high demand.
High demand for homes in London is being influenced by historically low-interest rates and by increased activity from out-of-market buyers. New home construction and existing home listings are performing well but are unable to keep pace. The market will remain competitive for the foreseeable future.
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 and we can start the process rolling. We will briefly review the real estate environment, discuss your sell/buy criteria and prepare you for the meeting with your Broker or Financial Institution. Text or call me at (519) 777-6521.