Tuesday, 21 January 2020

Your 2019 Five Year Review of Home Sales in the City of London & Area

The City of London:
Back in 2015 the average price of a home in the City of London for the 12 months ending December 31 sat at $265,717. The average price of a home as of December 31, 2019 rose 55.4% to $413,005 over the 5 years.

Looking at results by year:

Year                Avg Price                   $ increase                 % increase
2015              $265,717                 
2016              $283,624                  +$17,907                     6.7%
2017              $336,038                  +$52,414                   18.6%
2018              $373,283                  +$37,245                   11.8%
2019              $413,006                  +$39,723                   10.6%

The inventory of homes available for sale has contributed to price gains as this graph illustrates. Low supply and high demand. Remember a balanced market is 6 months of supply.  It took an average of 22 days to sell the average home across the City in 2019.

As you can see the January inventories each year are the highest as these are the slowest traditional months each year.  This graph also indicates that we are slowly moving toward a balanced market.  We will address what the average homeowner is getting for their home in each price category later in this analysis.

The number of homes sold over the five years is as follows by year:

Year                Sold            % increase
2015              6,271
2016              6,715               +7.0%
2017              7,498             +11.6%
2018              6,420             -14.3%
2019              6,612               +3.0%

This is where we look at what percentage of asking price people are getting for their homes across  the city of London. Typically, in a balanced market homeowners average around 97% asking and selling time is about 3 months. Clearly higher inventories are indicating the ability to some negotiation is on the increase.  Homes priced between $250,000 and $450,00 are the categories that will experience bidding wars at peak times of the year.

This next graph illustrates the importance of sales activity by month in a calendar year. For the purpose of this exercise we are using 2019 actual activity.

London North:
The number of homes sold in London North rose 4.9% during the 12-month period ending December 31, 2019.  From June to November inventories in this area are lower than the city average and have been sitting constantly at 3 to 4 months of supply.  Inventories this past summer were identical to the same period last year.

Over the past years the North outpaced the the average selling price for the city and rose 55.% from $316,618 to $491,591.  Selling prices rose 8.1% over the last 12 months from $454.339 for 2018.

Homeowners in North London experienced an average of 100% of asking price like 2018, driven by lower inventories in all price categories and by a desire to live in the North of the city.  This graph will better illustrate this activity by price.

London South:
London south outpaced the city as a whole in 2019 with the number of homes sold increasing 4.65% over 2018. The city itself had a sales increase of 3%.   Once again, the average supply of homes available did not change year over year by month averaging between 3 and 4 months of supply keeping upward pressure on prices once again. 
The average home price in London South rose 11.6% or $43,249 raising the average price above $300,000 range to $416,619. Outpacing the City and North London.

In spite of low supply of homes, competition in London South softened marginally from an average of 100.3% of asking price to an average of 100% of asking price.  As you can see by the graph above the highest growth in prices was in the back half of 2019.

London East:
The number of actual homes sold in 2019 was virtually the same number as 2018, with 1944 home sold compared 1,950 a year earlier. A drop of 8 homes.  This result is due to a limited supply of choices available.  This area of the city consistently runs at only 2 to 3 months of supply.  The average months of supply was 9.6% lower over the 12-month period putting significant upward pressure on prices.  The average difference between asking price and selling price rose from 101.2% to 101.5% resulting bidding wars in most price categories.

As a result of these conditions, the average price of a home in this area rose from an average price in the $200,000 range to over $300,000. The average home now sits up $33,741 or 11.7%  to $323,041.

Over the last 5 years the average home price has risen 54.8%.

St Thomas:
The number of homes sold in St. Thomas has dropped over the last 2 years from a peak in 2018. Inventories remain consistently tight at 3 months’ supply keeping upward pressure on prices. In other words, the number homes offered remains below demand,  the average homeowner is getting 100% of asking price and bidding is common.


Year                   Homes sold                  % Change
2015                          772                            
2016                          800                             +3.6%
2017                          865                             +8.1%
2018                          780                             -9.8%
2019                          761                             -2.4%

So, what did all these changes do to prices in the area? The average home price, barring any catastrophe, has made a significant move into the $300,000 price range enjoying an average price increase of +16.1% across the city.  The average price rose $47,988 to $346,726

Year                           Avg Price                            % increase
2015                          $212,863                             
2016                          $226,024                              +15.9%
2017                          $259,993                              +15.0%
2018                          $298,738                              +14.9%
2019                          $346,725                              +16.1%

All indications are that the price run is not over yet.  St. Thomas is poised to set more record price gains followed by East London.  East London may surprise all in 2020 setting the highest price gains due to very limited choices for homes and the lowest prices available to the first time Home Buyer. The number of homes available in this area has been consistently at 2 months supply for the last 3 months. Be ready for at least 8% gain across the Area for home prices in 2020.  Inventories are creeping higher as we saw over the last 2 years.

If you would like more information about your home value and what is happening in your specific neighborhood, remember we are here to help.
Tell your Family, Friends and Co-workers about us. We offer more than 25 years combined Sales experience in Real Estate and we really do care about you.

Real Estate

 Done Now! Done Right!

Mission Statement

To always place the needs of our valued  Clients ahead of our personal needs thereby delivering  caring and focused services at all times.

To be our Clients’ and Friends’ Real Estate Consultants for life.

To look after the needs of their Family, Friends , Co-Workers who they entrust to our care.

To Treat All with dignity and respect to be accorded at all times.

To stay in touch, consistently providing items of value and support over the months and years ahead.

Gib & Mary Heggtveit
Real Estate Broker & Sales Representative
RE/MAX Centre City Realty Inc
Direct: 519-421-1991  Gib:519-535-3975    Mary :  519-535-3975



  1. Wow great information for home buyer. as we also provide We Buy Houses For Cash Tampa at affordable prices. for more info visit our website.

  2. This is a great breakdown and understanding of a local market. Many local real estate agents don't take the time to evaluate and let the general public know exactly what is going on in their area. Job Well Done.

  3. A home equity loan is also known as a second mortgage. In a home equity loan the borrower able to borrow a certain amount of money for 5-10 years of period. If you want to take a home equity loan in London, Canada then you can contact us. We are the best mortgage agent in London and we can help you to take a home equity loan at a minimum interest rate. Home equity loan London

  4. I admire this article for the well-researched content and excellent wording. as we provide Houses for Sale in Perrysburg Ohio at affordable prices. for more info visit our website.

  5. I wanted to thank you for this excellent read. as we provide homes for sale in the Bronx NY at affordable prices. for more info visit our website.

  6. I wanted to thank you for this excellent read. as we provide We buy houses for cash uk at affordable prices. for more info visit our website.