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White Oaks, London Home Prices 2009

Warren Strong: Real Estate Agent in London, ON

The first half of 2009 is over already! The real estate market, like most markets has been interesting. Experts can't agree if we have seen the worst or the worst is yet to come. One positive indicator is that sales activity has picked up this past quarter.
White Oaks home prices in April through June 2009 look remarkably similar to prices for the same period in 2007.. At first glance that may sound bad, but 2007 was a pretty good year

White oaks Graph

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White Oaks London 2008 Summary

Warren Strong: Real Estate Agent in London, ON

The last few months have seen very few (if any) positive real estate reports in the media.It has been said that “sex sells, baby”, well unfortunately so does doom and gloom. It must. It’s in the news everyday!

I don’t want to make light of the current economy, a lot of families are hurting these days, but at the same time before we concede to the sky falling in, let’s look at the local real estate market and specifically the White Oaks market.
Here are some excerpts of a January 7th London Free Press article:
Home sales, prices fall
2008 was a good year overall, however, realtors' association president says
By HANK DANISZEWSKI
Homes sales and prices continued to slide in December, as the fourth quarter soured an otherwise decent year for real estate in the London area.

The average price of homes sold in December also tumbled below $200,000, selling for $191,635 compared to $206,557 in the same month last year.
Bruce Sworik, wrapping up his term as LSTAR president, said 2008 was a good year overall, with 8,356 homes sold, down 11 per cent from 2007.
But the economic downturn started to bite in the last quarter as the number of sales and average prices started to slump.

Sworik said a big factor in the London-St. Thomas market this year has been a surge in the numbers of listings. In December there were 3,133 listings compared to 2,241 listings a year earlier.
"More selection of home styles and location has been an issue for the last six or seven years. Now the buyers have a lot more choice," Sworik said.
To summarize;
  • 2008 was a good year overall, unfortunately it followed a record year in 2007.
  • 8,356 homes sold through the MLS system.
  • In December there were 3,133 listings compared to 2,241 listings a year earlier. That a 50% increase!
  • " selection of home styles and location has been an issue for the last six or seven years. Now the buyers have a lot more choice.” Sellers take note; there is a lot more competition now than the previous year.

So how did White Oaks do in 2008? ..................

Below is a summary of White Oaks house sales (excluding condos). I have divided the sales into two groups; houses under 25 years old and those 25 and older.

Summary of White Oaks House Sales
Under 25 Yrs Old
25 Yrs and Older
Sales
Avg. Sale Price
Sales
Avg. Sale Price
2007
59
$208,592
124
$169,207
2008
54
$202,549
100
$172,384
Change
-5
-$6,043
-24
$3,177
Change%
-8.5%
-2.9%
-19.4%
1.9%


As you can see the volume of sales are down from 2007 and prices changed very little.
Next, let’s look at a break down by house style.

Summary of White Oaks Bungalows and Ranches
Under 25 Yrs Old
25 Yrs and Older
Sales
Avg. Sale Price
Sales
Avg. Sale Price
2007
10
$196,700
45
$173,040
2008
9
$198,694
34
$178,258
Change
-1
$1,994
-11
$5,218
Change%
-10.0%
1.0%
-24.4%
3.0%
Summary of White Oaks Two Storey Homes
Under 25 Yrs Old
25 Yrs and Older
Sales
Avg. Sale Price
Sales
Avg. Sale Price
2007
11
$228,345
7
$184,486
2008
16
$215,241
5
$188,500
Change
5
-$13,104
-2
$4,014
Change%
45.5%
-5.7%
-28.6%
2.2%
Summary of White Oaks Split Level Homes
Under 25 Yrs Old
25 Yrs and Older
Sales
Avg. Sale Price
Sales
Avg. Sale Price
2007
27
$223,859
39
$179,251
2008
16
$224,937
28
$190,148
Change
-11
$1,078
-11
$10,897
Change%
-40.7%
0.5%
-28.2%
6.1%
Summary of White Oaks Semi Detached Homes
Under 25 Yrs Old
25 Yrs and Older
Sales
Avg. Sale Price
Sales
Avg. Sale Price
2007
11
$162,173
33
$148,870
2008
13
$161,669
33
$148,818
Change
2
-$504
0
-$52
Change%
18.2%
-0.3%
0.0%
0.0%

As you can see the sky hasn’t fallen, 2008 sale prices ended the year relatively close to where they started the year. Not great news if you purchased in the last year or so, hoping to make a quick buck, but certainly a much better performance than the stock market.
Home sellers in 2009 will have to keep these things in mind;

  • It is no longer a seller’s market. Buyers have plenty of selection and will not feel the need to act quickly as they have in the past.
  • There will be plenty of competition. Will your house be “listed” or will it be “for sale”? There’s a difference, pricing based on wishful thinking may get you listed but not likely sold.
  • Houses will take longer on average to sell.
  • Interest rates are still very low. Housing in London is affordable.


  • And, if you are selling and buying, the seller of the house you are interested in is in the same market. If your price is down, theirs likely is too.

All the best to you in 2009!
If you are thinking of selling or know of some who is, I would be happy to provide a no-obligation competitive market analysis. Just give me call!

White Oaks London House Prices

Warren Strong: Real Estate Agent in London, ON

The London- St.Thomas Association of Realtors have recently reported that sales volume in October of 2008 was down 15% compared to October 2007. Year to date the sale volume is down 7.9% and average house price is up approximately 5%. For those currently living in White Oaks, I thought they might find the following stats interesting. White Oaks subdivision was built in several phases but essentially it can be looked as two sections. Those homes 25 years or more old and those less than 25 years old.

Summary of White Oaks Semi Detached Homes

2007

2008 to date

Sales

Avg Sale Price

Sales

Avg Sale Price

Change%

Under 25 Yrs Old

11

$162,173

13

$161,669

-0.3%

25 Yrs and Older

33

$148,870

32

$148,938

0.0%

Summary of White Oaks Split Level Homes

2007

2008 to date

Sales

Avg Sale Price

Sales

Avg Sale Price

Change%

Under 25 Yrs Old

27

$223,859

15

$224,600

0.3%

25 Yrs and Older

39

$179,251

28

$190,148

6.1%

Summary of White Oaks Two Storey Homes

2007

2008 to date

Sales

Avg Sale Price

Sales

Avg Sale Price

Change%

Under 25 Yrs Old

11

$228,345

14

$215,282

-5.7%

25 Yrs and Older

7

$184,486

4

$182,875

-0.9%

Summary of White Oaks Bungalows and Ranches

2007

2008 to date

Sales

Avg Sale Price

Sales

Avg Sale Price

Change%

Under 25 Yrs Old

10

$196,700

8

$203,906

3.7%

25 Yrs and Older

45

$173,040

33

$178,508

3.2%