City of London:
The numbers of new listings have been revised from my Video. In
January there were only 494 new listings, February 721, March 1,112 and April 1074
homes came to Market. When added to the few remaining previously listed homes supplies
remain limited. The number of homes available for sale, dropped from a high in
January of just under one month’s supply months’ supply for the slowest selling
time of the year to about ¾ months’ supply in February and dropped again in
March to only a small fraction of a month’s supply. April rebounded marginally back to 1/2 months’
supply. Remember a balanced market is 6
months’ supply!
You can imagine the bidding wars that are occurring as a result. In January homeowners averaged 8.7 % of asking. This means virtually all were in Bidding Wars. In February as months’ supply dropped, Homeowners averaged 114.2 % of asking prices. In March this rose to 114.7 % of asking prices and leveled off a bit with the larger number of homes coming to Market in April at 113.4 % of asking prices.
Let us look at sales across the City. In January we started the year with 404 homes sold across the County. In February, this number increased to 603 homes sold, in March this jumped to 903 homes sold and finally sales dropped a bit in in April leveling at 827 homes sold.
With this unusually tight inventory of homes available, what did this do to prices? In December, we finished the year with a record of $561,716 for the average home across our City and by March 31, 2021 we hit a new average high of $631,768 an increase of over $70,000 in just 3 months. We finished April with a final overall monthly increase in the first 4 months of 2021 of 14.6 % delivering a new average home price for the month of $643,957.
London North:
In January there were 158 new listings on homes offered for
sale, February 213 homes, March 213 homes. Finally in April, 327 homes came to
Market. When added to the few remaining, previously listed homes, inventories
of available homes remain limited. Supplies dropped from a high in January of 80%
of one month’s supply for the slowest selling time of the year, to about 1/2
month’s supply in February and a fraction of a month’s supply in March. April rebounded marginally back to about 1/2 of
a single month’s supply. Remember a
balanced market is 6 months’ supply!
You can imagine the bidding wars that are occurring as a result. In January Homeowners averaged 8.6 % above asking price. This means every properly priced home experienced Bidding Wars. In February as months’ supply dropped, Homeowners averaged 112.6 % of asking prices. In March as supply fell again against increased spring demand increasing “list price to sell price ratios” marginally to 113 % of asking prices. April finishing at 112.3 % of asking price. In April, it took only an average of 7 days to sell a home down from 11 days the month before.
Let us look at sales in North London. In January we started the year with 121 homes sold in this area. In February, this number increased to 182 homes sold, in March this jumped to 310 homes sold and finally in April things leveled to 249 homes sold.
With this unusually tight inventory of homes available, what did this do to prices? In December, we finished the year with a record of $648,310 for the average home price in North London. January showed a jump of 10.3% to $726,006. In February average price leveled to $708,484, March rebounded with value increase to $733,872 and we finished April with a final average increase for the first 4 months of 2021 of 17.4 %, delivering a new average price for the month of $761,052.
London South:
You can imagine the bidding wars that are occurring as a result. In January homeowners averaged 6.1 % above asking price. This means virtually every sale involved Bidding Wars. In February as months’ supply dropped, Homeowners averaged 115.8 % of asking prices. In March this dropped marginally to 114.8 % of asking prices and in April fell marginally to 113.4 % of asking prices. In January it took 19 days to sell a home and by April it had dropped to only an average of 9 days to sell.
Let us look at sales across London South. In January we started the year with 138 homes sold across the area. In February, this number increased to 252 homes sold, in March this number of homes sold rose to 336 for the month of March and finished at 348 homes sold in April.
With this continuing tight inventory of homes available, what did this do to prices? In December, we finished the year with a record here, as well, of $582,713. January showed a jump of 22.2% to $712,295. In February, a drop in average value to $650,039, March delivered a solid value increase to $631,643 and we finished April delivered an overall increase after the first 4 months of 2021 of 12.3 % when compared to December of 2020, delivering a new average price for the month of $654,576 for this part of the City.
London East:
In January there were 141 new listings, February 199 listings,
March 312 listings and finally in April leveling a bit to 299 homes coming to
Market. Added to the few remaining previously listed homes the inventories of
available homes remain limited. With aggressive sales in this area inventories sat
at marginal levels well below half a month’s supply though until the month of
April to about 80% of a single month’s supply. Remember a balanced market is 6
months’ supply!
In January homeowners averaged 114.3 % of asking price. With massive Bidding Wars. In February homeowners averaged 115.4 % of asking prices. In March, this competitive activity increased to 117.8 % of asking prices and in April it fell marginally to 115.6 % of asking prices. In February, March and April, at the same time, it took only an average of 9 days to sell the average home.
Let us look at sales across London East. In January we started the year with 126 homes sold across the East. In February, this number increased to 159 homes sold, in March this number of homes sales rose to 247, In April, this number settled at 226 homes sold.
With this continuing tight inventory of homes available, what did this do to prices? In December, we finished the year with a record here, as well, of $440,794. January showed a marginal drop to 6.9 % to $410,500. In February, we saw a significant rebound in average value to $467,574, March delivered a solid value increase to $508,244 and we finished April with increase that finishing the first 4 months, month by month, of 2021 of 13.8 %, delivering a new average price for the month of April of $501,943 for East London.
St. Thomas:
In January there were 36 new listings, February 63 listings,
March 112 listings and finally in April only 117 homes came to Market. When
added to the few remaining previously listed homes, the inventories of
available homes remain limited. Supplies of homes offered for sale in St.
Thomas are negligible versus demand. Remember, a balanced market is 6 months’
supply!
You can imagine the bidding wars that are occurring as a result. In January Homeowners averaged 10.4 % above asking price. This means virtually every sale involved Bidding Wars. In February as months’ supply dropped, Homeowners averaged 116.3 % of asking prices. In March this dropped marginally to 110.9 % of asking prices and in April increased marginally to 111.9 % of asking prices. In January it took 12 days to sell a home and by April it had dropped to only an average of 8 days to sell.
Let us look at sales across St. Thomas. In January we started the year 34 homes sold across the City. In February, this number increased to 57 homes sold, in March this number of homes sold rose to 91 for the month of March and finished at 110 homes sold in April.
With this continuing tight inventory of homes available, what did this do to prices? In December, we finished the year with a record here, as well, of $438,898. January showed a further jump of 20.3% to $528,142. In February, another increase in average value to $540,096, March delivered a solid value increase to $562,248 and we finished April, average down a bit, delivering an overall increase after the first 4 months of 2021 of 23.1 % when compared to December of 2020, delivering a new average price for the month of $540,360 for the City, the highest value improvement in LSTAR’s Jurisdiction.
Summary:
Always remember, I am here to help in any way that I can be
of service to you and your family.
First, I have a message for First Time Home Buyers. In this crazy on-going
Covid Market, you may need Family support for the down payment to help you bid
10% to 15% over the asking price. The
first step is to get pre-qualified by a Mortgage Broker or your Bank and try
for a open mortgage. Once you find out what you can reasonably afford, plan to
bid above the asking price as described above with a Cash, Non-Conditional
Offer with a short closing if you are renting.
With the average price running up +20% you will be able to pay back Mom
and Dad within 12 months. As your Realtor,
I will investigate market values in your planned neighbourhood and provide comparable
sales.
Now for you Move-Up Buyers, now is the best time to use some
of that equity that you have built up over the last year. The first step is to
get pre-qualified by your existing mortgage holder and outline how your new
mortgage will be blended without penalty. Once you find out what you can
reasonably afford, I will evaluate the Market Value of your home and outline
all contingencies at no cost to you. This will give you the ability to safely
overbid the asking price with a Cash Non-Conditional Offer and a closing of 2
to 3 months. If priced reasonably, you can expect the same over-bidding that
you are making. Your equity will cover the excess price on Closing. With the average home selling within 2 weeks,
the risk is virtually non-existent.
Lastly, if you do not have to sell, this is the worst time to
do so! Every day that passes brings increased equity to our current homeowners.
I am here ready to assist!
Do not wait, pick up the phone, or email and I will be at
your side, looking after the best interests of You and Your Family!
Just Call:
Cell- 519-535-3975
Home Office- 548-688-8833
Email- gib@youtfavouriterealtors.com
MLS connected Website – https://YourLondonRealtor,com
Thank you for the great update. You're the best
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