The median home price in London was up 31.4 % when compared to January 2021. The median home price rose the most in the East area (51.6%) versus January 2021. The North increased by 28.1% and the South had a relatively modest increase of 14.3%. A bright spot in the report was the Market Advantage Indicator, which dropped significantly from the previous month to finish at 76.9. This shows a more balanced market however, my expectation is that it will rise again in the coming months as more home sellers and buyers enter the market. The Days on Market and Months of Inventory information continue to show how fast-paced the market is and the limited selection of homes available for buyers.
If you are going to be selling and/or buying real estate in the next 4 months it is important to start your planning activities now. I would recommend that we get together for a short teleconference to discuss the following topics:
- Review the general market environment and how it may affect you
- Discuss the critical next steps in the selling and/or buying process
- Preparing for the Mortgage pre-approval discussions with your Bank or Broker
Preparation is essential to successfully navigate through the London real estate market. Working together, we can realize your dream of moving into a new home. Please call or text me at (519) 777-6521.