Real Estate News for December 2022

december real estate in london ontario

The MYLIE Group Real Estate Team shares the latest news for London, Ontario this November

Happy Holidays from The MYLIE Group Family to Yours!

It’s that time of year again when the hustle and bustle of the holiday season really starts to pick up.Be sure to take time to hug the ones you love and spend time making happy memories with them. Quality time together with friends and loved ones is truly the best part of the holiday season! 

We would like to thank everyone that contributed to this years annual The MYLIE Group Real Estate Team’s Give and Get Food and Toy Drive!  With your support we were able to meet this years goal of filling 120 GROCERY BINS with food and collected 200+ TOYS and other items to help support local families in the Sir John A MacDonald Public School community, the Wilfrid Jury Public School community and at ANOVA.  We will be distributing the filled hampers to the families on Dec 18-20, 2022 so if you would still like to donate to the Drive please feel free to do so by clicking here. Any further funds raised will be used to purchase outstanding “Wish List” items for the families.

Please also check out our Featured Listings, which 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.

To help you make an informed buying or selling decision, here is some recent local real estate news for the London-St. Thomas area.

451 residential properties exchanged hands last month

451 residential properties exchanged hands last month through the Multiple Listing Service® (MLS®) System of the London and St. Thomas Association of REALTORS® (LSTAR), 44% less than in November 2021. LSTAR Members’ home sales included 336 single family homes, 64 condo townhouses, and 36 apartments – all significantly down from a year ago. “In the last two years, the local housing market’s frenzy was artificially fuelled by the socio-economic climate of the pandemic. Now, that the socio-economic conditions are completely different, the local housing market is in correction mode,” said Randy Pawlowski, 2022 LSTAR President. “The market is especially affected by the Bank of Canada’s interest rate hikes, which intensify buyer reluctance and weaken people’s purchasing power,” he added.

While residential transactions were at their lowest point in the last decade, the number of new listings climbed to 875 in November, a new record high for the eleventh month of the year. This increased the level of the local housing inventory, which sits now at 3.3 months. “The housing demand is still high in our area, and with the increased levels of inventory, local Buyers have now more choices and time to shop for new homes. However, the uncertain economic conditions are keeping many prospective Buyers on the sidelines,” Pawlowski observed.

Average home price decreased but remained higher than the figures seen in 2020

Compared to a year ago, the average home price decreased, but remained higher than the figures seen in 2020 and before. LSTAR’s overall average home price was $615,247 in November, 7.8% less than a year ago, but 13.8% higher than in November 2020. On the other hand, the composite MLS® Home Price Index (HPI) Benchmark Price was $575,500 last month, 10% down from last year, and also 9.8% lower than in November 2020.

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!