What is going on with London’s housing market? This is a question we are asked every single day. The last six weeks have been particularly busy in London. Many properties are selling with multiple offers. Here is a breakdown on what is going on.
To highlight, of the 890 sales in London (residential & condos) 61% sold for asking or above. The implication is that almost all would have been multiple offers. Also, the average dollar amount over asking is $18,000 or about 5.6%.
Interestingly last year during the same period there were 667 sales and an average price of $283,300 showing over 13% increase in price. At LondonOntarioRealty.com we think this difference will only increase as we get into April and May
Here are the numbers broken down for London’s Housing Market:
All residential sales between February 1 and March 15
Total Sales: 890
Sold Over Asking: 439
Average Price Above Asking: $18,012
Average Price: $321,216
Asking Price Or Over: 543
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