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london real estate diagnosislondon real estate diagnosisEvaluates the real estate market here in London on a daily basis. When will it reverse downward? Will it CRASH? Is now a good time to buy? These questions are addressed and more. Articles
Ozzie Jurock: Why I Will Always Buy Real Estate
2008-05-27 16:35:00 An insightful article by Ozzie was released on his website http://www.jurock.com/. Here is the article link in full.I think that London's historical performance has stability as a major selling point compared to other areas in Canada and I'll briefly touch on that before we get to the article.Most novice investors would look at London Ontario as a sleepy investing town because the real estate investing returns are far from sensational compared to other areas of Canada. However, more experienced players understand the role of leverage and when applied to a stable market returning approx 5-7% per year, magical returns happen. Furthermore, with regards to the notion of risk, do you really want to apply tons of borrowed leverage to a wildly fluctuating real estate environment like Toronto, Calgary or Vancouver? Didn't think so.In my opinion, the number one mistake that Londoners make is when they're guilty of only purchasing one home.Remember, leverage can significantly enhance your... More About: Estate , Real Estate , Real
Friday May 23rd Numbers
2008-05-26 02:21:00 Friday (May 23rd) brought 52 new listings versus 31 sales-for a sell/list ratio of 59.62%.The 14 day rolling sell/list ratio now stands at 56.18%.Average list price of the sales was $213,358 & average sales price was $211,735.This means that average sales price today sold below the list by $1623 or 0.8%.Of the 31 sales that occurred, 10 sold at or above over the asking price.That's 32% of the listings sold either at or over the asking price. More About: Friday , Numbers
Thursday May 22nd Numbers
2008-05-23 03:01:00 Thursday (May 22nd) brought 68 new listings versus 53 sales-for a sell/list ratio of 77.94%.The 14 day rolling sell/list ratio now stands at 57.91%.Average list price of the sales was $208,445 & average sales price was $205,178.This means that average sales price today sold below the list by $3267 or 1.6%.Of the 53 sales that occurred, 11 sold at or above over the asking price.That's 21% of the listings sold either at or over the asking price. More About: Numbers , Thursday
Wednesday May 21st Numbers
2008-05-23 02:53:00 Wednesday (May 21st) brought 56 new listings versus 8 sales-for a sell/list ratio of 14.29%.The 14 day rolling sell/list ratio now stands at 58.25%.Average list price of the sales was $207,900 & average sales price was $205,188.This means that average sales price today sold below the list by $2713 or 1.3%.Of the 8 sales that occurred, 2 sold at or above over the asking price.That's 25% of the listings sold either at or over the asking price. More About: Numbers , Wednesday
Monday May 19th & The Long Weekend Numbers
2008-05-23 01:01:00 Tuesday (May 20th) & the long weekend brought 70 new listings versus 37 sales-for a sell/list ratio of 52.86%.The 14 day rolling sell/list ratio now stands at 61.33%.Average list price of the sales was $221,911 & average sales price was $219,468.This means that average sales price today sold below the list by $2443 or 1.1%.Of the 37 sales that occurred, 8 sold at or above over the asking price.That's 22% of the listings sold either at or over the asking price. More About: Weekend , Numbers , Long , Monday
MOI (Months of Inventory) April 2008
2008-05-18 17:14:00 Time for our monthly inventory (MOI) report.The Months of Inventory -MOI- is basically a ratio of the Inventory of homes for sale by the number of homes that have sold over a period of time.The higher the months of inventory, the slower the market and visa versa. Keep in mind the following before reviewing the charts below:Generally, 4-6 months of inventory signals a balanced market, less than that would undoubtedly be a very strong Seller’s market, & more than that would be a Buyer’s market. In the most basic sense, a strong market will have an MOI of under 5 (As an extreme measure, from what I've been hearing, some of the crashing markets in the US like Phoenix Arizona have MOI of over 15, some over 20 months).Residential (single family) Activity by Area for April 2008 :Residential (single family) Activity by Area for the previous year, April 2007:As of today the current active listings on mls is 4831. And we have the number of closed sales at 683:This means that if no ot...
WHAT?!!??! Is it a Strong May 2008 Thus far?
2008-05-18 01:34:00 Time for another follow-up as promised to this important month. May is a crucial month to determine how the real estate year will go.And as we discussed on this post, May 2008 sales are looking pretty good for London, contrary to all those negative media stories out there. Why the focus on sales? Because sales measures buyer's demand and if you read the media stories there is a feeling that demand is "cooling". So we're here to cut out the sensationalism and deliver the cold hard statistical facts.We are half way through the month and my target area in London has seen 453 sales thus far in May! Times that by two and you get 906 sales... higher than last year's record breaking year in my target area in London. *That's the simple math, as we mentioned before when we delve a bit deeper there's some other math that needs to be considered. Keep in mind May 2008 has 21 business days in the month compared to last year's May 2007 where there were 22 business days in the month... so th... More About: Strong
April 2008 Official Stats
2008-05-18 01:01:00 April 2008 "official" stats are out & we've updated our charts for the month.Average Sales Price YTD (year-to-date) for April 2007 was $214,904 & April 2008 it is now $228,264 - this part includes London and area. That's the only information in this post that is. I'll explain in more detail, but this pretty much corresponds to the information in my target area of just London for this month.... Click here for that report.Confused about what I'm talking about regarding target area & official stats & stuff? Allow me to clarify:The following information is a breakdown of residential (SFH) activity only & also I've omitted the St. Thomas & area. This information is according to London & St. Thomas Board of Realtor's Stats . This is the info you read about in the public & local media. I however, only track London & I omit St. Thomas and area. My stats are found here. The stats I track myself are from my own sources, so I like to compare them to the... More About: April , Official
Monthly Comparison: LONDON in April 2008
2008-05-18 00:37:00 Well, the spring housing fever is in full swing and we have the April results are now ready for review.We've compiled the complete monthly stats for April 2008 for my target area, but before we get to them here is the usual clarification:These numbers represent LONDON ONLY and my target area is London residential and multi-family housing. Thus, when the MLS stats come out in a week or so -and will be presented here as well such as they were in past months- the numbers will be much different. That is because those numbers will represent London & area and only residential(whereas I include multi-family property).First up as always, monthly prices.... & Prices strengthened slightly both on the listing side & on the sales price side as compared to the previous month. March's average list price was $212,621 & sale price average was $207,838. April came in at average list price of $217,762 & average sale $213,344:Sales for April picked up but still were lighter again... More About: Comparison
Friday May 16th Numbers
2008-05-17 23:34:00 Friday (May 16th) brought 52 new listings versus 38 sales-for a sell/list ratio of 73.08%.The 14 day rolling sell/list ratio now stands at 60.34%.Average list price of the sales was $235,006 & average sales price was $230,771.This means that average sales price today sold below the list by $4235 or 1.8%.Of the 38 sales that occurred, 5 sold at or above over the asking price.That's 13% of the listings sold either at or over the asking price. More About: Friday , Numbers
Thursday May 15th Numbers
2008-05-17 23:26:00 Thursday (May 15th) brought 62 new listings versus 44 sales-for a sell/list ratio of 70.97%.The 14 day rolling sell/list ratio now stands at 57.21%.Average list price of the sales was $210,796 & average sales price was $206,295.This means that average sales price today sold below the list by $4501 or 2.1%.Of the 44 sales that occurred, 9 sold at or above over the asking price.That's 20% of the listings sold either at or over the asking price. More About: Numbers , Thursday
Scotiabank 2008 Real Estate Forecast - Same as it was in 2007?
2008-05-15 17:59:00 ScotiaBank and their Senior Economist Adrienne Warren forecast that "cracks appear in the real estate market" with more negative quotes peppered in there such as "there is now convincing evidence that Canada's housing market has come off the boil".Strangely though, we heard the same thing last year for 2007 and it is documented here.Bottomline, Warren is forecasting the exact same thing in 2008 as she did in 2007: "Mid single digit price increases".You can read their predictions in full here.Here is the article in full, compliments of the Globe and Mail:Cracks appear in the real estate marketVIRGINIA GALTThursday, May 15, 2008The Canadian housing boom is ending, but there is no ?major correction? in the cards ? and buyers are unlikely to see anything near the bargain-basement prices that currently characterize the United States housing market, the Bank of Nova Scotia said Thursday.?After many false calls, there is now convincing evidence that Canada's housing market has come off t... More About: Estate , Real Estate , Real , Forecast
Wednesday May 14th Numbers
2008-05-15 01:31:00 Wednesday (May 14th) brought 55 new listings versus 65 sales-for a sell/list ratio of 118.18%.The 14 day rolling sell/list ratio now stands at 56.54%.Average list price of the sales was $216,588 & average sales price was $211,288.This means that average sales price today sold below the list by $5300 or 2.4%.Of the 65 sales that occurred, 12 sold at or above over the asking price.That's 18% of the listings sold either at or over the asking price. More About: Numbers , Wednesday
Tuesday May 13th Numbers
2008-05-15 01:25:00 Tuesday (May 13th) brought 58 new listings versus 50 sales-for a sell/list ratio of 86.21%.The 14 day rolling sell/list ratio now stands at 53.13%.Average list price of the sales was $193,569 & average sales price was $188,778.This means that average sales price today sold below the list by $4791 or 2.5%.Of the 50 sales that occurred, 8 sold at or above over the asking price.That's 16% of the listings sold either at or over the asking price. More About: Numbers , Tuesday
Monday May 12th & The Weekend Numbers
2008-05-13 01:25:00 Monday (May 12th) & the weekend brought 73 new listings versus 28 sales-for a sell/list ratio of 38.36%.The 14 day rolling sell/list ratio now stands at 50.74%.Average list price of the sales was $253,938 & average sales price was $251,507.This means that average sales price today sold below the list by $2431 or 1.0%.Of the 28 sales that occurred, 8 sold at or above over the asking price.That's 29% of the listings sold either at or over the asking price. More About: Weekend , Numbers , Monday
Friday May 9th Numbers
2008-05-13 01:16:00 Friday (May 9th) brought 50 new listings versus 33 sales-for a sell/list ratio of 66%.The 14 day rolling sell/list ratio now stands at 50.31%.Average list price of the sales was $220,782 & average sales price was $215,526.This means that average sales price today sold below the list by $5256 or 2.4%.Of the 33 sales that occurred, 7 sold at or above over the asking price.That's 21% of the listings sold either at or over the asking price. More About: Friday , Numbers
Thursday May 8th Numbers
2008-05-13 01:12:00 Thursday (May 8th) brought 52 new listings versus 13 sales-for a sell/list ratio of 25%.The 14 day rolling sell/list ratio now stands at 47.18%.Average list price of the sales was $240,531 & average sales price was $234,985.This means that average sales price today sold below the list by $5546 or 2.4%.Of the 13 sales that occurred, 2 sold at or above over the asking price.That's 15% of the listings sold either at or over the asking price. More About: Numbers , Thursday
Wednesday May 7th Numbers
2008-05-13 01:07:00 Wednesday (May 7th) brought 50 new listings versus 15 sales-for a sell/list ratio of 30%.The 14 day rolling sell/list ratio now stands at 50.43%.Average list price of the sales was $199,567 & average sales price was $197,623.This means that average sales price today sold below the list by $5213 or 1.0%.Of the 15 sales that occurred, 5 sold at or above over the asking price.That's 33% of the listings sold either at or over the asking price. More About: Numbers , Wednesday
Tuesday May 6th Numbers
2008-05-13 01:01:00 Tuesday (May 6th) brought 55 new listings versus 39 sales-for a sell/list ratio of 70.91%.The 14 day rolling sell/list ratio now stands at 52.64%.Average list price of the sales was $237,621 & average sales price was $232,408.This means that average sales price today sold below the list by $5213 or 2.2%.Of the 39 sales that occurred, 15 sold at or above over the asking price.That's 38% of the listings sold either at or over the asking price. More About: Numbers , Tuesday
Monday May 5th & The Weekend Numbers
2008-05-13 00:50:00 Monday (May 5th) & the weekend brought 112 new listings versus 32 sales-for a sell/list ratio of 28.57%.The 14 day rolling sell/list ratio now stands at 51.10%.Average list price of the sales was $232,542 & average sales price was $226,488.This means that average sales price today sold below the list by $6055 or 2.6%.Of the 32 sales that occurred, 7 sold at or above over the asking price.That's 22% of the listings sold either at or over the asking price. More About: Weekend , Numbers , Monday
Strong May 2008 thus far?
2008-05-08 16:24:00 Just wanted to quickly point out that we are now into one of our typically strongest months of the year, May, and we are already at 170 sales in just 5 business days (I've been a little behind in posting the daily numbers, I'll get them up shortly). That's pretty good considering all the negative real estate news out there right now about a "housing cool off" that you've probably been hearing.Should we continue this pace, we'll have a strong May again - maybe not as strong as 2007 record smashing May of 875 sales - but right now we are averaging 34 sales a day in May 2008 . Last year there was 22 business days in the month of May 2007 and in that month we averaged 39 sales per day. We should monitor this month very closely as May usually is quite strong, historically speaking. In this month however there is only 21 business days so keep that in mind when the London Free Press reports its statistical numbers in the first week of June.If you look at the past months that can be vie... More About: Strong
Friday May 2nd Numbers
2008-05-04 18:28:00 Friday (May 2nd) brought 47 new listings versus 43 sales-for a sell/list ratio of 91.49%.The 14 day rolling sell/list ratio now stands at 54.25%.Average list price of the sales was $227,364 & average sales price was $223,953.This means that average sales price today sold below the list by $3410 or 1.5%.Of the 43 sales that occurred, 8 sold at or above over the asking price.That's 19% of the listings sold either at or over the asking price. More About: Friday , Numbers
Thursday May 1st Numbers
2008-05-04 18:05:00 Thursday (May 1st) brought 63 new listings versus 53 sales-for a sell/list ratio of 84.13%.The 14 day rolling sell/list ratio now stands at 51.15%.Average list price of the sales was $226,466 & average sales price was $220,735.This means that average sales price today sold below the list by $5731 or 2.5%.Of the 53 sales that occurred, 13 sold at or above over the asking price.That's 25% of the listings sold either at or over the asking price. More About: Numbers , Thursday
Wednesday April 30th Numbers
2008-05-04 17:57:00 Wednesday (April 30th) brought 52 new listings versus 22 sales-for a sell/list ratio of 42.31%.The 14 day rolling sell/list ratio now stands at 50.19%.Average list price of the sales was $202,986 & average sales price was $198,545.This means that average sales price today sold below the list by $4441 or 2.2%.Of the 22 sales that occurred, 4 sold at or above over the asking price.That's 18% of the listings sold either at or over the asking price. More About: Numbers , Wednesday
Tuesday April 29th Numbers
2008-04-30 03:42:00 Tuesday (April 29th) brought 46 new listings versus 24 sales-for a sell/list ratio of 52.17%.The 14 day rolling sell/list ratio now stands at 51.55%.Average list price of the sales was $200,304 & average sales price was $193,992.This means that average sales price today sold below the list by $6313 or 3.2%.Of the 24 sales that occurred, 3 sold at or above over the asking price.That's 13% of the listings sold either at or over the asking price. More About: Numbers , Tuesday
Monday April 28th & The Weekend Numbers
2008-04-29 02:13:00 Monday (April 28th) & the weekend brought 71 new listings versus 23 sales-for a sell/list ratio of 32.39%.The 14 day rolling sell/list ratio now stands at 49.18%.Average list price of the sales was $231,661 & average sales price was $228,333.This means that average sales price today sold below the list by $3328 or 1.4%.Of the 23 sales that occurred, 9 sold at or above over the asking price.That's 39% of the listings sold either at or over the asking price. More About: Weekend , Numbers , Monday
Friday April 25th Numbers
2008-04-26 17:31:00 Friday (April 25th) brought 42 new listings versus 27 sales-for a sell/list ratio of 64.29%.The 14 day rolling sell/list ratio now stands at 52.80%.Average list price of the sales was $200,426 & average sales price was $190,363.This means that average sales price today sold below the list by $10062 or 5.0%.Of the 27 sales that occurred, 6 sold at or above over the asking price.That's 22% of the listings sold either at or over the asking price. More About: Friday , Numbers
Thursday April 24th Numbers
2008-04-26 17:18:00 Thursday (April 24th) brought 59 new listings versus 39 sales-for a sell/list ratio of 66.10%.The 14 day rolling sell/list ratio now stands at 52.84%.Average list price of the sales was $171,462 & average sales price was $166,524.This means that average sales price today sold below the list by $4937 or 2.9%.Of the 39 sales that occurred, 5 sold at or above over the asking price.That's 13% of the listings sold either at or over the asking price. More About: Numbers , Thursday
Wednesday April 23rd Numbers
2008-04-26 17:10:00 Wednesday (April 23rd) brought 36 new listings versus 19 sales-for a sell/list ratio of 52.78%.The 14 day rolling sell/list ratio now stands at 48.47%.Average list price of the sales was $241,234 & average sales price was $236,837.This means that average sales price today sold below the list by $4396 or 1.8%.Of the 19 sales that occurred, 3 sold at or above over the asking price.That's 16% of the listings sold either at or over the asking price. More About: Numbers , Wednesday
Tuesday April 22nd Numbers
More articles from this author:2008-04-26 16:49:00 Tuesday (April 22nd) brought 62 new listings versus 19 sales-for a sell/list ratio of 30.65%.The 14 day rolling sell/list ratio now stands at 48.11%.Average list price of the sales was $220,237 & average sales price was $217,721.This means that average sales price today sold below the list by $2516 or 1.1%.Of the 17 sales that occurred, 5 sold at or above over the asking price.That's 29% of the listings sold either at or over the asking price. More About: Numbers , Tuesday 1, 2, 3, 4, 5, 6, 7 |
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