Every day I get asked these 4 questions about the London Ontario condo market.
- “What is the London Ontario condo market doing?”
- “When is the best time to buy or sell a condo?”
- “How much should I offer?”
- “What should I list it for?”
The first step in answering any of the above 4 questions is knowing how the London condo market performed factually, not by guess work or perceptions. Most days I have a detailed list of actual sale prices, days on the market, selling price ratio to the asking price and price reductions.
You can too!
From my experience in helping educate Londoners about condos in London, these averages may not hold true for your building or complex.
Before buying a condo in London or selling a condo in London, you may want to get what I call “brutal truth factual numbers” about what prices are today and not an opinion where prices are heading or what someone received for their unit 6 months ago.
Price, condition, style and location dictates what a condo sells for and how long it will take to sell. For buyers, you will be assured of not over paying and for condo sellers, you will not leave money on the table or over price your condo because of blind optimism or false perceptions!
Works every time! Want some answers?
The first 6 months of 2017 for houses in the Sunningdale neighbourhood of London were quite volatile with 47 houses changing hands for an average selling price of $815,863 which was close to the asking price and the same for the 37 condos that sold for an average $463,555 , all taking about 30 days to sell!
The Sunningdale neighbourhood in London is reflective of the torrid pace of sales throughout London Ontario and the rise in prices.
Will it continue?
75 houses in Sunningdale in London Ontario were sold in 2016 (same as in 2015)for as low as $410,000 to $866,000 and these sold for 98.6% of the asking price on average and these took about 32 days to change hands!
31 Sunningdale condos were sold through our local MLS real estate board starting from $259,000 and as high as $629,000 which avearged 99.1% of the asking price and took about 49 days to sell.
75 houses were sold on MLS in 2015 for an average price of $618,674 which was 98% of the asking price and these were on the market an average 68 days!
19 condos changed hands at an average price of $368,408 and these were on the market an average 50 days and sold for 2% less than the asking price!
The Sunningdale neighbourhood is located in North London bordered by Fanshawe Park Road West, Richmond Street, Sunningdale Road West and Hyde Park Road and includes Medway Park and Hyland Estates.
A very short drive to the Masonville shopping area and dining and the big box stores in Hyde Park. Easy access to the University of Western Ontario (UWO or Western), it’s hospital and nearby research centre.
5 minutes to downtown London and quick access to great beaches along Lake Huron such as Ipperwash, Pinery Provincial Park, Grand Bend, Bayfield and Goderich.
The houses and condos in Sunningdale are tastefully laid out with many enclaves and one of a kind homes.
Sunningdale Google Map
Other London Neigbourhoods