What is happening With 2 Storey Homes in London, Ontario

Every day I get asked:"When is the best time to buy or sell a 2 storey home in London"? After getting as much information as possible about client's needs and wants, it all comes down to price and amenities. For obvious reasons, sellers of 2 storey homes in London want the higest price as possible and for buyers, they want to buy at the lowest price they can. As a real estate broker, regardless of my market anaylsis of a particular home, reality is still the best indicator of the market place.

In London Ontario from October 2008 to October 2009, the average price of a 2 storey home in London was $309,691, up 9.2% from the 2008 average of $283,503.

In North London, 634 2 storey houses sold including the neighbourhoods of Masonville, Sunningdale, Hyde Park, Stoneybrook with the average 2 storey home selling for $304,333 which was 98% of the asking price and being on the London real estate market for 51 days.

In South London, 464 2 storey homes sold, with an average price of $317, 210 which was 97% of asking price. Including the neighbourhoods of Byron, Summerside, Westmount and Old South, the average days it took to sell a home was 53 days.

In East London, 242 two storey homes exchanged hands with the average price of $243,239 which was 97% of asking price. 2 storey homes in East London were on the market for an average of 45 days and included neighbourhoods like Huron Heights, Fanshawe, Bellwood Park, Arglye and Bonaventure Meadows.

As you can see, the real estate market in London is stable and viable. As with any market, there are bargains or situations where speed and timing is king. If you would like a breakdown of a particular neighbourhood or street in London feel free to contact me.