One of the best ways to understand the condominium market in London Ontario is to look at how many days these were on the market before being sold and what was the sale price percentage versus the asking price.
Our real estate board LSTAR ( The London St.Thomas Association of REALTORS*) breaks London down into three geographical areas, North, South and East. ( I know, why not the West?) I plead silence with my opinion on why!
|Area||% of Asking Price||Average Days on Market|
What does all this mean? The inventory of townhomes and townhouses for sale is low, and with more buyers than sellers, we see bidding wars, hence, higher sale prices. Apartment condos remain strong as well, and where townhouses and townhomes used to dominate the market, apartments are catching up, not only in the volume of sales but in price as well.
Is this a good time to sell a condominium? Yes!
For buyers, be prepared to act as there are more buyers than sellers, but do your homework and do not let emotion override prudence and common sense.
The hottest segment right now is the one floor detached or attached bungalow townhouse with a two car garage, seconded by attached townhouses.
What will 2019 bring?
Building permits for new construction are higher than ever for both high-rise buildings and townhouses and townhomes. Affordability is a powerful motivator for first-time buyers and downsizers over single-family homes.
Until I can walk on water and be exact, all condominiums in London Ontario and area will experience a rise in prices because of demand.