The MYLIE Group Real Estate Team shares the latest news for London, Ontario this September
Hello and Happy October!
With the cooler autumn weather here, we hope you are taking time to enjoy fun-filled fall activities, such as apple and pumpkin picking, corn mazes, and spooky community events!
The MYLIE Group Real Estate Team and XO Homes Inc. are excited to be hosting a free community pumpkin decorating and costume contest in Parkhill, ON on Sat. Oct 29, 2022 from 1pm-4pm. Come on out and join us at the Parkhill Sports Park Pavilion for a great time filled with not only pumpkins and costumes but also crafts for kids, a photo backdrop, treats, hot chocolate, and prizes!
While there, you will also have the opportunity to learn about new residential build opportunities by XO Homes Inc. in the wonderful community of Parkhill.
If you are thinking that now is a great time to start on a real estate journey, our Featured Listings just might contain your dream home. If you don’t see it there, we would love the chance to help you find that next (or first) perfect home!!
To help you make an informed buying or selling decision, here is some recent local real estate news for the London-St. Thomas area.
Five interest rate hikes so far in 2022 continue to impact housing sales.
The local housing market continued to cool off in September, with 497 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS®(LSTAR). Housing supply made a healthy gain from 2.7 months of inventory in August to 3.4 months of inventory in September, showing more signs of market stabilization. “The single-family home remained the most popular style choice for local home buyers with 365 units sold, while apartments had the largest gain in average price, up 8.3% over the same time a year ago,” Pawlowski said.
“An additional interest rate hike, the fifth one so far in 2022, continues to impact home sales activity,” said 2022 LSTAR President Randy Pawlowski. “We are experiencing increased inventory levels, indicating a more balanced marketplace. For historical perspective, the 3.4 months of inventory is the highest recorded for the month of September, since September 2015.”
Benchmark Price edged down from August to September.
The average home sales price and composite MLS® Home Price Index (HPI) Benchmark Price both edged slightly down from August to September. LSTAR’s overall average home price fell from $648,036 in August to $635,256 in September. The composite MLS® HPI Benchmark Price saw a marginal decrease from $599,500 in August to $596,900 in September. The data represents a trend the majority of local real estate markets are seeing across the country, according to the Canadian Real Estate Association (CREA). “Although the market is slowly stabilizing, it’s important to remember that every home transaction is unique,” Pawlowski said. “As the market evolves, your local REALTOR® can provide support on how to navigate this changing environment, with real-time data and professional guidance.”
As always, if you are thinking of building, selling, or buying a home or an investment property, please give us a call. There are important details to know about the moving process at this time of interest rate and inventory number changes and we would be happy to delve into some of the variables with you.
Contact us via text or phone at 519.694.2426.
Don't Miss Out!
Get the latest real estate market news in London, Ontario! Once per month, we will send you an update on sales for the past month, new inventory as well as news that might affect buying or selling in our local backyard. Stay informed with The MYLIE Group Real Estate Team!
Don’t forget to follow us on social media!
