March marked the seventh consecutive month of record breaking home sales, seeing average home prices climb to $634,940 in London, Ontario. A mixture of limited local listings and a surge of migrating city-dwellers entering the buyer pool has pushed prices to an all time high.
Compared to February, the average sale price in London saw an increase by $16,233 in March with 1,296 homes sold last month. Market predictions have pointed heavily towards extreme sellers’ market conditions in the coming months across London and its surrounding regions.
As we enter further COVID-19 restrictions, we suspect to see a similar response as early 2020. With open house and distancing restrictions potentially drawing the market to a temporary plateau, buyers can take advantage of a momentary upper hand in a slower market.
However, buyers, don’t expect this to last long.
Similarly to this time last year, the market is most likely going to tip back into red-hot territory as sellers and buyers become more active post-lockdown, causing prices to skyrocket yet again.
Sellers, if you’re thinking about entering the market, now is the best time to begin planning with your realtor. We don't expect the market to cool down by any substantial amount and you need to strike while the iron is hot. Looking for a realtor? Contact one of our representatives today to find out how much your home could sell for in today's market.