You may have heard that the real estate market has been especially active this spring. It has been. There have been stories everywhere about multiple offers and houses selling for more than asking price. Why is that? What is happening? There were 1,650 homes listed in April 2016, down 14.2% from the year before. At the same time, 1,068 homes were sold in April. That is an increase of 10.8% from April 2015. This is a recipe for a crazy market. You have more buyers hunting after fewer listings. It is a great time to be selling a home in London. Not a great time to be buying. No wonder we are hearing stories of “bidding wars” for houses. The YTD prices have risen 3.1% since last year. That is solid price growth, but not worrisome.
Read the full article“Best April Ever” on the London and St. Thomas Association of Realtors website.
What is happening in London is not unique to our city, but is part of a province wide trend that you can read about on the Ontario Real Estate Association website:“Insights: Real Estate in Ontario”