A look at Condo Selling Prices in London Ontario

In the last ten business days there was 64 “MLS” condo sales in London Ontario. In the under $225,000 range there were 36 sales. Six of these sales sold at their asking prices. Twenty sales sold under the asking price and the average selling price was $3,961.00 below ask. Ten units sold over the asking price and the average amount paid over asking was $8,484.00

In the over $225,000 price range there were 28 sales. Four of these sales sold out at asking price. Eleven sales sold under asking price and the average selling price was $3,582.00 below ask. Thirteen units sold over the asking price and the average amount paid over asking was $7,915.00

As of the time of writing there were 19 brand new condos listed for sale “MLS” starting at $314,000 and going up to $880,000 and 197 resale units for sale. Of the 197 resale units 36 were below $150,000, 79 were between $150,000 and $275,000, 43 between $275,000 and $400,000 and 39 over $400,000.

In the last 30 days in London, 188 condos units have sold at an average sale price of $217,464 with a sale to list price of 100% and an average list duration of 23 days. One year ago the average time to sell a condo in London was 44 days and two years ago 54 days. Never in the last ten years in London have we ever seen the length of time to sell a condo unit hover around numbers this low.

by Peter Daoust Broker, Remax Advantage Realty Limited Brokerage

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“Sold Out” and the Local Real Estate Markets.

These signs are all over London on builders new condo sites. “Sold Out” signs dot our landscape. The pipeline of “new projects coming soon” is lagging as the 2017 demand for new condo units continues on.

Now consider this. Our economy is debt fueled. Canadians have the largest debt-to-income ratio of any G7 country, with the average spending 165% of their salary. To contrast, at the height of the US housing crisis in 2008, Americans carried what was then considered an outlandish 147% debt-to-income ratio – 17 points lower than where we now sit. Canada’s total household debt reached $1,892 trillion dollars, with $1.234 million dollars of that as mortgage debt – roughly 65% more than we make per year.

No one wants to talk about the US crash of 2008. Our economy is different. Interest rates are low and Chinese buyers are plentiful and have money. New condos now cost $50,000 more than they did a year ago. Times are good. People are moving here from the G.T.A. area. If you are not in the market you are missing the boat.

Times change. It’s summer. It’s difficult to predict market tops. People are at the beach.  Donald Trump . Some people in newly built condo complexes are realizing that what they really want is a house and not a condo so they are trying to cash out for tidy little profits. We sure are living in interesting times.

 

by Peter Daoust Broker Remax Advantage Realty Ltd. Brokerage

 

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North-West London #31 on our Site “774-971 Silverfox Crescent”

Here are some details of an update to the Silverfox Crescent subsection of our site.

* a summer 2017 market update.*  North West London and North London are two areas of our city which have experienced significant Jan. – June 2017 price increases.

To go from complex to complex to talk about these price increases would be a near impossible challenge. Yet here are  some new comments about the freeholds on Silverfox Crescent in north-west London. One of the factors helping Silverfox Crescent spike in price in a relatively short period is  that a new school is opening up just to the north of these units this September . New schools to an area help to attract new buyers with young families.

Let’s look at these price increases. In 2016 eight builders models sold out on this crescent at an average price of $258,200 and during the first six months of 2017 eight new home sales of a similar design (the last available builders models – a disproportionate number being end units which do cost slightly more) at a price of $327,900.

In the resale marketplace in the first six months of 2017 ten MLS resales occurred at an average price of $342,400.This compares to our stated price of $259,700 for similar styled units in 2016.

Will these new price levels be sustainable going forward? No one really wants to make any predictions out of fear being wrong. One last note, prices changes like are now happening in many of our newer condo complexes across the city and with only about 200 active condo listings in our city now we don’t expect any near term reversals of selling prices.

The good news for some people is that for many years the “listing to sales ratio” for condos here in London was often stuck in the 50-75% range. Contrast this to today’s market where everything decent sells out quickly so that’s good news for people who are thinking of cashing out to go into rental or some other form of a living arrangement. Finally, no matter what prices are doing, there will always be people who have to buy or sell real estate.  by Peter Daoust. Broker Remax Advantage Realty Ltd. Brokerage

 

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Year To Date Condo Sales in Windsor

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A London Condo Statistical Report – 2017

The average “MLS” sales price of a condo in London in 2016 was $189,798

The average “MLS” sales price of a condo in London Y.T.D. as of June 30th 2017 was $199,465

The average “MLS” selling price of a condo in London in the month of June was $193,379

The average “MLS” selling price of a condo in London in the month of May was $212,544

1356 condo units sold in London as of June 30th 2017 compared to a total of 1012 condo sales for the

same period of time in 2016. This represents a 34% increase in condo sales over 2016. The number of active

condo listings as of the end of June 2017 was down 39.8% from the same period last year.  This information was provided by the London and St. Thomas Association of Realtors.

by Peter Daoust, Broker. Remax Advantage Realty Ltd. Brokerage

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Stratford Ontario Condo Living

In 2014 the builder “Tricar” registered a new four-story condo building in downtown Stratford in the “theatre district” near Lakeshore Drive. It’s address is  36 Front Street. Stroll down to the water’s edge in the morning… what an amazing setting. Now three years later resale prices have jumped upwards as Stratford condo pricing’s are enjoying a strong uptick. Toronto retirees are moving to Stratford in big numbersNow fast forward to 2017. “Tricar” once again has something new happening. Phase one of a two-phase complex called the “Villas of Avon” is now in the last stages of selling out. It’s at the corner of John Street North and Caledonia Street.It’s a 4-storey, 51 suite boutique style condominium with prices on the remaining units priced between $324,900 and $514,900. Surrounding it are classic old Stratford homes, much like you would find in “Old South” or “Old North” in London Ontario.  

The walk to downtown is about five blocks or so.

Is a new townhouse more to your liking? If so, there is the “West Village of Stratford at McCann Drive and Marshall Court. This project is also now a few years old and just finishing out, 80 units in total.  Yet another option is “Verona Village” at 55 Harrison Street. Prices here now start at $333,300. Google this project if you wish. Once again, this project is now a few years old and in the last stages of selling out.Stratford prices are higher for the most part than London Ontario prices.  It’s a pretty place to live. Hop in the car and get out and explore. Ontario has some great little towns!by Peter Daoust, Broker Remax Advantage Realty Ltd., Brokerage

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Condo-World East London /Fanshawe College Year To Date Condo Price Changes

Condo price increases are city wide in the first six months of 2017. Do you live in one of these areas and is your complex on this list?

  1.  1090 Kipps Lane Average 2016 M.L.S. selling price $64,700  Average 2017 M.L.S. selling price Y.T.D. based on 7 sales $92,800
  2.  1919 Trafalgar St. Average 2016 M.L.S. selling price $86,900 Average 2017 M.L.S. selling price Y.T.D. based on 3 sales $95,90
  3.  11-143 Wellesley Cres. Average 2016 M.L.S. selling price $91,300 Average 2017 M.L.S. selling price Y.T.D based on 4 sales $108,700
  4.  690 Little Grey     Average 2016 M.L.S. selling price $109,000 Average 2017 M.L.S. selling price Y.T.D. based on 4 sales $122,500
  5. 490 Third Street   Average 2016 M.L.S. selling price $115,800 Average 2017  M.L.S. selling price Y.T.D. based on 4 sales $128,500
  6. 230 Clarke Road   Average 2016 M.L.S. selling price $122,900 Average 2017 M.L.S. selling price Y.T.D. based on 4 sales $140,000
  7. 1199 Hamilton Rd. Average 2016 M.L.S. selling price $135,700 Average 2017 M.L.S.selling price Y.T.D based on 4 sales $ 142,800
  8. 536 Third Street     Average 2016 M.L.S. selling price $146,600 Average 2017 M.L.S. selling price Y.T.D. based on 5 sales $156,400
  9. 1318 Highbury Ave. Average 2016 M.L.S. selling price $141,300 Average 2017 M.L.S. selling price Y.T.D based on 4 sales $ 166,200
  10. 131 Bonaventure Dr. Average 2016 M.L.S. selling price $160,300 Average 2017 M.L.S. selling price Y.T.D based on 6 sales $167,500
  11. 190 Fleming Drive   Average 2016 M.L.S. selling price $178,500 Average 2017 M.L.S. selling price Y.T.D. based on 5 sales $215,900
  12. 1241 Hamilton Rd.  Average 2016 M.L.S. selling price $226,300 Average 2017 M.L.S. selling price Y.T.D based on 4 sales $252,800
  13. 1625 Purser St. Average 2016 M.L.S. selling price ( single car garage units) $228,500 Average selling price Y.T.D based on 3 sales $258,900
  14. 325 Lighthouse Average 2016 M.L.S. selling price $236,000 Average M.L.S, selling price Y.T.D based on 7 sales $275,600

As stated in previous blogs the main caveat to these numbers is when these units sold. Early month sales would most likely be for lower prices than more

recent sales and these statistics do not take this into consideration. Will the markets continue upwards at a robust pace? Not if interest rates inch up and not if the

automobile industry eases up. Yet then again its summer and most people are running on cruise control. by Peter Daoust. Broker Remax Advantage Realty Ltd. Brokerage

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White Oaks Condo Y.T.D Price Increases – 2017

Condo prices in the south end of London in 2017 are changing. Here is a year to date report of some of these changes. In this report we have also included the number of condos sales we used to find these averages.
White Oaks:
1) 1330 Jalna Blvd. Average 2016 M.L.S. selling price $107,400. Average 2017
YTD selling price ( nine sales) $ 136,300
2) 1095 Jalna Blvd.Average 2016 M.L.S. selling price $124,000. Average 2017
selling price YTD  ( two sales) $ 151,600
3) 1103-1105 Jalna Blvd. (one bedroom units) Average 2016 $63,600.

( eight sales) (one bedroom units) Average selling price Y.T.D. 2017  $71,400

(two bedroom units) Average 2016 $83,600

(five sales)  (two bedroom units) Average 2017 price Y.T.D. 2017     $79,400

4) 1580-1590 Ernest. Average 2016 M.L.S selling price ( two bedroom units) $70,200

Average 2017 selling price Y.T.D 2017 ( seven sales) (two bedroom units) $78,800

5) 130… 148 Conway Average 2016 M.L.S. selling price ( one bedroom unit) $ 80,600

Average 2016 M.L.S. selling price  ( two bedroom unit ) $ 98,400

( three sales) ( one bedroom units) Average selling price Y.T.D. 2017 $91,000

( four sales) ( two bedroom units) Average selling price Y.T.D. 2017 $118,000

6) 2635 Bateman Trail Average 2016 M.L.S. selling price ( without garages ) 2016  $222,000

Average 2016 M.L.S. selling price ( with garages ) 2016 $264,200

Average 2017 selling price Y.T.D ( without garages) ( 3 sales) $ 249,500

Average 2017 selling price Y.T.D. ( with garages) ( 4 sales) $ 289,400

Lockwood- Cleardale

  1. 475 Sandringham Cres.  Average 2016 M.L.S. selling price $122,600. Average selling price Y.T.D. 2017( five sales) $ 166,700
  2. 159 Sandringham Cres.  Average 2016 M.L.S. selling price  $151,900. Average selling price Y.T.D. 2017 (four sales)  $161,800
  3. 825 Dundalk Drive          Average 2016 M.L.S,selling price (three bedroom units) $ 106,400). Average selling price Y.T.D. (two sales)  $ 117,500
  4.  2-80 Chiddington           Average 2016 M.L.S. selling price $136,600. Average selling price Y.T.D. 2017 ( three sales) $146,100
  5.  460-500 Southdale        Average 2016 M.L.S. selling price $ 139,300. Average selling price Y.T.D.2017 ( two sales) $144,300
  6.  30 Clarendon Cres.        Average 2016 M.L.S. selling price $ $170,900. Average selling price Y.T.D. 2017 ( six sales) $196,300

Pond Mills

1. 101 Brookside                   Average 2016 M.L.S. selling price 2016 $165,700. Average selling price Y.T.D 2017 ( six sales) $ 196,200

2. 669-711 Osgoode             Average 2016 M.L.S. selling price 2016 $146,900 Average selling price Y.T.D. 2017 ( four sales) $ 188,600

3. 858-860 Commissioners  Average 2016 M.L.S. selling price 2016 ( two bedroom unit) $126,100 Average selling price Y.T..D 2017 (two sales) $133,800

4. 320 Westminister          Average 2016 M.L.S. selling price 2016 (without garages) $141,000. Average selling price Y.T.D 2017 (without garages) $166,600

5. 720 Deveron Cres.         Average 2016 M.L.S. selling price ( two bedroom unit) $ 138,900. Average selling price Y.T.D 2017 ( two bedroom unit)

( four sales) $ 192,800

6. 735-739 Deveron  Cres. Average 2016 M.L.S. selling price ( two bedroom unit) $107,900. Average selling price Y.T.D 2017 ( two bedroom unit)

( thirteen sales) $ 124,300

  •  note…  with small sample sizes, like two units … when these units sold is also of importance. Early year sales would be  for lower prices than more recent sales.  by Peter Daoust, Broker. Remax Advantage Realty Ltd. Brokerage. *call me if you would like a free “opinion of current value.”

 

 

 

 

 

 

 

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North West London Y.T.D. Price Increases

It seems in this area to be the lower price range experiencing the biggest leaps in prices, however this trend isn’t consistent right across town.

1) 535-599 Gainsborough Rd. Average 2016 MLS selling price $121,500 2017MLS selling
price $179,400
2) 80-284 Monmore Rd. Average 2016MLS selling
price $125,300 2017MLS selling
price $157,200 ( #May-June only sales $166,200 )
3) 30 Chapman Court Average 2016MLS selling
price $153,800 Average 2017MLS selling
price $177,300 ( #May-June only sales $188,700 )

4) 1460 Limberlost Average 2016MLS selling

price $125,000 Average 2017MLS selling

price $196,900

5) 925 Lawson Rd Average 2016MLS selling

price $168,100 Average 2017MLS selling

price $208,300

6) 70 chapman Court Average 2016MLS selling

price $184,300 Average 2017MLS selling

price $206,200 ( #May-June only sales $212,800 )

7) 600 Sarnia Rd. Average 2016MLS selling

price $207,600 Average 2017MLS selling

price $223,300

8) 875 Thistledown Way Average 2016MLS selling

price $227,600 Average 2017MLS selling

price $274,800

9) 1030 Coronation Average 2016MLS selling

price ( 2 bedroom) $279,900Average 2017MLS selling

price ( 2 bedroom ) $280,700 ( #May-June only sales $293,500 )

10) 1030 Coronation Average 2016MLS selling

price $270,000 Average 2017 MLS selling price $316,900

Are the best markets now behind us? Are things slowing down? That’s

the new question people often ask when they come through open houses.

No one really has the answers. by Peter Daoust, Broker

Remax Advantage Realty Ltd. Brokerage     cell 519-852-7653

 

 

 

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Byron Condo Price Changes Y.T.D

Limited inventory has caused some Byron condo price jumps in the first six months of 2017. Here are some year to date prices changes in this area of town. Note, sometimes there has being only two sales in a given complex with one of the two sales at higher prices. Is this a new trend or just a one time occurrence? Well it’s to early to say.1399 Commissioners Road West

Average 2016 “MLS” sale price. Two bedroom units $205,800

Average 2017  year to date price, Two bedroom units $221,800

565-685 Griffith     Average 2016 “MLS” sale price $159,800. Average 2017 year to date price.  $187,500

1100 Byron Baseline Average 2016 “MLS” sale price, 2 floor townhouse style $ 266,400

Average 2017 year to date price, 2 floor townhouse style  $291,200

1499 Byron Baseline   Average 2016 “MLS” sale price $298,000. Average 2017 year to date price $375,000* Unit

styles may vary here so comparison pricing is questionable at best.

2615 Colonel Talbot    Average 2016 “MLS” sale price $344,900. Average 2017 year to date price  $366,300

2 Cadeau Terrace    Average 2016 “MLS” sale price 2016 $336,300. Average 2017 year to date price $385,500In a surprising number of the smaller complexes there have being no sales. Are the markets starting to cool off? With only a few units for sale on the market it seems it is still very much a seller’s market. Things could change quickly… The Toronto markets are now spooked!

by Peter Daoust, Broker at Remax Advantage Realty Ltd. Brokerage    My cell is 519-852-7653

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