London Real Estate Market Update November 2022

The London real estate market data has been released for November 2022.

The data parallels much of the information reported almost daily in the news. The market is slowing, prices are dropping, and homes are taking longer to sell.

Market Breakdown

All the graphs and infographics below are constructed using data from The London & St Thomas Association of Realtors (www.LSTAR.ca).

They illustrate a clear trend in the London real estate market.

The first graph shows how prices have dropped since 2021, the actual graph curve is steep, but you should pay attention to the prices listed on the other axis.

Sales and D.O.M (Days On the Market) go hand in hand. As sales start to slow down, homes begin to stay on the market longer. This, in turn, influences the last graph, new listings; people see their neighbour’s house not selling and start to second guess if they should try and sell.

I Need To Sell. What Does This Mean For Me?

The critical word moving forward is going to be patience. It will no longer take a week to sell your home, and we are steadily heading towards a 30 – 60 days average sale time.

Here are the most important decisions and considerations you will face if you need to sell your home in the new year.

• Pricing
  • Your home is NOT magically worth more than all the similar ones in your area. During a slow market, nine times out of ten, pricing your home correctly will be why it sells or sits on the market.
  • Your Realtor can provide you with local market data, comparable listings, and regional market data. You should look this over carefully and then have an open, rational, and frank discussion with your Realtor.
  • Set clear plans and make sure everyone is on the same page.

London Real Estate Market Update November 2022 – Video Update

Here are a few more thoughts on the current market and what we see around London.

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How Does London Compare To The Rest Of Canada? 

London still sits well below the national average regarding home prices. Even with all the recent accelerations in the market compared to other significant cities across Canada, London still has a beautiful climate for investing in real estate.

As Always,

Happy House Hunting & Selling

Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.

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Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.