Housing Market for February 2021

“The London and St. Thomas Association of REALTORS® (LSTAR) announced 824 homes exchanged hands in February, achieving another monthly record for residential sales. Sales were up more than 19% compared to the same time a year ago, marking the best results ever for February since the Association began tracking data in 1978. “

In our local marketplace, 100% of the listing inventory is selling every 28 days. Another way of looking at it is that every house that was listed in London, On over the last 28 days has sold. Once again this is an indication that the local market for the month of February strongly favoured sellers. The scarcity of listings and overheated demand from buyers has resulted in increasing sale prices, numerous multiple offer scenarios and shorter days on market.   The Covid-19 pandemic has not adversely affected the local real estate market. If you are considering selling your home in the city of London or the surrounding area, there has never been a better time.

City of London Real Estate Statistics for February 2021

The city of London Ontario currently has 0.6 months of available inventory with 372 properties listed for sale or lease. For reference in February 2020, our market had 1.6 months of inventory which at the time was considered a strong seller’s market. Of the properties currently on the market in London, of those listed 246 are single-family residential dwellings. The remaining are condominium-style properties.  

We currently have buyers looking for the styles of properties noted below.

Detached home around old north up to 1.5 million

Detached home in northwest London up to 1.2 million

Detached home in North or South London up to $800,000

One floor bungalow Townhouse in Byron up to $700,000

2 storey townhouse with 3 bedrooms in Byron or Westmount

If you or know or anyone who might be thinking of selling please let us know or have them contact us.