The market slowdown that we were expecting following the lock down, stay in place orders and social distancing advisories has materialized. The London market as a whole has shrank by 58.31% year over year from April 2019 where we saw 686 homes change hands to April 2020 where 286 homes changed hands. (Note that the graphic below is generated using slightly differing tools than mine and so produces slightly different, but similar, numbers). The good news is that it seems like the number of buyers and sellers has changed roughly in proportion to each other such that 52% of listings sold at or above the asking price. Conditions remain for a seller’s market. Average prices have pulled back from their peaks earlier in the year. Year over year, though, we are roughly where we were last April. Average price for detached and condos together was $426,950 in April 2019 and was $425,753 in 2020, a decrease of just -0.28%. Condominium prices have risen year over year in April by 3.55%, coming in at an average of $335,760 for April 2020. Hopefully things continue to open up and we experience the anticipated post lock down bounce.
May 9, 2020
