This October, sales records were shattered in the London real estate market. The record-setting sales figures for the month beat the figures stretching back 40 years in London. Both 2016 and 2017 were also extremely active years in the local market, beating the 10-year average by a considerable margin, but 2018 surpassed even the highs set over the last two years.
There were 906 homes sold this October in London. This was a year-over-year increase of 11.9%. This month continues a pattern of exceptionally strong sales that started in the Southern Ontario city last year.
New Listings Surging onto the London Market
One of the defining elements of the surge in the real estate market in London has been the influx of new properties for sale in the city. There were 1,171 new homes placed on the market in the city this October. This was a huge spike compared to the same month in 2017. The 38.1% jump in new listings shows promise that activity in the city may continue to surge further in the months ahead.
Overall numbers of listings in the city have been low for most of the year because of the intense growth in sales figures. However, new listings are finally starting to keep pace with demand, and there was actually a small increase in overall listings available at the end of the month. At the end of October, there were 1,553 homes left for sale in the city of London. This was a modest 3% increase in the number of homes available when compared to 2017. Despite this, though, overall inventory remains very low. At the end of the month there were less than two months of inventory remaining in the city at current sales rates.
Average Prices Soaring in All London Neighborhoods
The average prices of homes across the city of London jumped considerably when compared to 2017 values. The smallest increase seen was in North London, which still had an average price increase of 10.7% year-over-year. The new average in that region landed at $447,036. London South prices climbed by an even steeper margin, climbing 19.9% year-over-year to a new average of $396,019. Finally, London East prices increased the most. The new average of $311,954 was a result of a 25.5% increase when compared to last year.
Every trend in the London real estate market points to ongoing strength in the city. Sales demand remains very high and growing, and as long as listings can keep pace with demand, the market as a whole will likely thrive in the months ahead.
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