Serving Dorchester, Belmont, Thorndale, Thamesford, Putnam, Crampton, Avon, Harrietsville-Mossley and surrounding area
Signpost photo by Wendy Spence
WASN’T THAT A PARTY: Shauna Rae (left) and Nancie Irving celebrate St. Patrick’s Day at the Donnybrook Legion on Saturday. There was a full house of merrymakers who dressed festively and enjoyed beverages, Irish stew and the music of Three Penny Piece throughout the afternoon.

Residential resale housing

inventory still low in area

by Wendy Spence

        It’s still a seller’s market. Real estate sales in the municipality favour those listing their homes as opposed to people wanting to buy a home. “I think there’s a lack of inventory in Thames Centre, so that’s causing it to be a sellers’ market,” said SK Realty Inc. broker, Michelle O’Brien. Things could be heating up with the temperature as the spring market arrives.
        A total of six homes sold in the area last month, as opposed to 11 in 2018. January was almost the reverse, with 10 sales this year, as compared to seven in January 2018. The average selling price for the first two months of the year has increased by about 10 per cent, up to $473,575 from $428,841 last year.
        The average length of time on the market is about 51 days. This includes new builds, which might skew the number a bit.
        Last year, on average, homes sold for at or slightly above list price during January and February and this year so far, they’re selling slightly below list price.
        “If you list your home priced accordingly, it should sell quickly, because of supply and demand,” O’Brien believes. She added that multiple offers happen mostly when homes are priced accordingly.
        Most of her clients looking to buy a home live locally or are from London and surrounding areas. The age range is generally 40 and under. People who grew up in Dorchester sometimes move to London first as a young adult and want to move back. “It’s a great place to have a family,” said O’Brien.
        It’s been a seller’s market since about 2016. “Toronto went crazy back then, and people started heading west because they could afford things.” This is possible because a lot of people work from home now. The list price in this area is much lower and Toronto area buyers get more bang for their buck. O’Brien said she’s seen this happening more in London than our area. “That’s driven our market here too.” Housing prices increased around that time. The process has changed because there aren’t a lot of homes on the market. “People are nervous because you used to be able to put in an offer conditional on the sale of your house but with low inventory, most times you’re in competition and that doesn’t fly,” explained O’Brien. Another challenge is selling your house and not having another to move to. Prior to 2016, a client would list their house for 90 days, the real estate sales representative would do an open house and conditions such as financing and home inspections were often included in offers, which doesn’t usually work in a multiple offer situation.
        The Toronto market has slowed down a lot, which affects things here. “I think it was a bit about balancing,” O’Brien said. “They say that London and area has been undervalued for a long time and now we’re where we should be. I don’t see prices coming down, but I’m hoping that inventory picks us, which will help make the market more balanced.”

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