What is the London Ontario condo market like now and going forward into the new year? I don’t know about the future, but I can share with you some facts.
First off, 1695 condominiums have sold in London Ontario from January 1, 2016 to December 2, 2016 and on average, they took 44 days to sell and received 98.2% of the asking price.
Secondly, there are condo neighbourhoods in London where condos were on the market and sold within 3-5 days, and then there are those that were on the market longer than 90 days. It would seem obvious why some sell quicker than others.
Is it price, style, condition, location, marketing or the colour of the front door or because the moon and stars are not aligned? I don’t know about the last one but I can definitely say price, condition and marketing are why some sell quicker and for money and why some do not.
I know which complexes, neighbourhoods and condo styles sell quicker than others and more importantly, the best values out there because I am in the market 6-7 days a week and I make it a point to know the market and not guess at it!
With the better condos in London selling for 99.2% or more of asking price, there are still units that can be had for 90 95% of the asking price.
Now the question is, are you a seller or a buyer? Both of you may want to know factual numbers and not opinions from your neighbours, your hair dresser or Uncle Bob who knows someone who knows someone who was in real estate 7 years ago! (Seriously, I had a couple who took Uncle Bob’s advice! They now have gone through 3 different real estate representatives and their condo is still not sold! What a tragedy.)
As a buyer, knowing the difference between market price and the value price are two separate numbers, or I could add another value, the emotional perceptual value.
So, what is the condo market in London like and what will it be like next years? For the wise who are willing to listen and take professional advice, very good, for the rest, not good!
Buying a condo in London Ontario should not be guesswork!