Hey Sudbury, it is getting COLD outside! 🥶
I was driving home from a date night with my wife last night and we had snow pelting the car as we were headed down the highway. With halloween just over a week away, I hope all your little trick-or-treeters are excited and getting their costumes in order. I know I am looking forward to our Halloween fun day with Kivi park happening tomorrow from 11am - 3pm! Again this year we donated 500 pumpkins that will be hid all over the park for families to hunt down and bring home. In addition to that there will be the spooky walk, s’mores station, family photos and so many more activities going on... and if you pop by our tent we’ll have a live carving demonstration, some fun halloween games for the kids and free treats and cotton candy. Its' a great local event to get the kids in the halloween mood! If you do make it out I hope you pop by our tent and say hello! 🎃
On the real estate front we saw sales stay flat with a small drop in the listings! Tune in for this week's crazy transactions and trends!🎧
Housing Market Stats
https://www.crea.ca/housing-market-stats/
Garth Turners the Greatest Fool
https://www.greaterfool.ca/
Hey Sudbury, hope you guys are feeling as stuffed as I am after a full weekend of Turkey and family last week. We are back in the routine with the family this week, all 3 boys are in hockey and keeping us super busy at the rink. After a long hiatus from the rink I put the old goalie skates on to help with my youngest Benjamin this last week. We spent the entire hour working on trying to have 3 year old kids get up on their skates by them selves, and we were somewhat successful. By the end of the hour there were fewer tears and I think I may have even seen a smile. This is one of the best feelings about being in a smaller community when the friends and neighbours all come out with their kids at the local rink, it brings back a familiar feeling, one that we missed out on last year.
On the real estate front we saw an uptick in listings and a slow down in sales for the first time in a long while. I was predicting for the last few weeks that sales would spike as the winter market is around the corner but we weren’t seeing it play out in the stats as we had initially predicted...
Tune in for this week's crazy transactions and trends!🎧
Have questions about the Sudbury real estate market? Let's chat! OH, and follow us on Instagram, Facebook & Youtube at:
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Hey Sudbury,
Happy Thanksgiving weekend! We are wishing everyone a wonderful weekend filled with friends, family and food!
As far as the Sudbury housing market...Tune in to find out this week's most shocking trends and transactions! 🎧
Have questions about the Sudbury real estate market? Let's chat! OH, and follow us on Instagram, Facebook & Youtube at:
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https://www.youtube.com/channel/UCEZuw8g9HAaNEdL2XvheGPw
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Hey Sudbury,
🎃Can you believe its October 1st today! Fall in Sudbury is one of the most amazing times of the year! Especially when we have crisp sunny fall like we have had in the last few days, not the dreary wet cold fall days that started the changing of the season. It’s shocking that thanksgiving weekend is just a week away. It’s the unofficial closing weekend of all camps in Sudbury, time to take in the dock, the boat and close up camps until next year! It was also a week that saw the first ever ‘National day of Truth and Reconciliation’. It is crazy to think of the devastation that was caused by residential schools, as a parent with young kids myself, I can’t wrap my head around having my kids taken away from me, let alone having decades of it happening over and over again. It was pretty cool to have my middle child (grade one) come home and tell me why they are wearing Orange Shirts and the meaning behind it.
🍁On a national level the liberals are settling into parliament again, and with a lot of the same on the horizon in terms of the makeup of the government, there is some very interesting new housing initiatives that they will be implementing. The highlight being the new savings account for first time home buyers. An account that combines the tax benefits of an RRSP as well as the tax growth of a TFSA. This new account will be especially interesting for parents of young future buyers who I can see leveraging this account in a big way. The governments continued creative fuelling of the housing market is going to continue to push prices up in the short term.
As far as the Sudbury housing market...Tune in to find out this week's most shocking trends and transactions! 🎧
Have questions about the Sudbury real estate market? Let's chat! OH, and follow us on Instagram, Facebook & Youtube at:
https://www.instagram.com/lakecityrealtyltd/
https://www.youtube.com/channel/UCEZuw8g9HAaNEdL2XvheGPw
https://www.facebook.com/LakeCityRealtyLTD
Welcome back to another episode of Selling the Rock - Your local real estate podcast!
🎙Today we have David Kurt and Chad Moore on the mic to dissect the housing promises from Canada's Main Political Parties.
🎧Tune in and listen to our Lake City local realtors POV of each parties' housing plan.
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With only a few more days left to vote, our goal is to provide educational resources to our clients, friends and family so that we all can make an educated decision with our vote.🇨🇦
We encourage everyone to do their part and research each independent party and their platforms before the upcoming election.
Today we are chatting with special guest - Green Party of Canada | Parti vert du Canada Nickel Belt candidate, Craig Gravelle. Every Canadian deserves the opportunity to live in a home they can afford. Tune in to find out how GPC plans to make home buying more achievable for first time buyers! 🏡
Connect with Craig⬇️
Twitter: @CraigGravelleNB
Facebook: CraigGravelleGPC
Email: Craiggravelle32@gmail.com
Educational Resources:
https://newsinteractives.cbc.ca/elect...
https://www.bnnbloomberg.ca/2021-fede...
https://angusreid.org/federal-electio...
🤔This was an interesting week for sales versus new listings. Weekly, we have been seeing more sales than listings, but with this latest drop again in sales and new listings staying flat we are almost on par with sales being equal to new listings, which would bring us more into a balanced market.
📉Despite how slow the week was with only 40 sales, 65% of them were in multiple offers. We have seen bidding wars spread between 50% at a low to a high of 80% (for number of bidding wars in any given week). With these numbers we are in the middle of the range, but it is higher than we have seen in the most recent few weeks, which shows buyers are feeling a bit rushed with the thought of moving in with the snow looming.
🤨The other big surprise this week was the number of total listings, dropping down again, this time into the mid 150’s. The last time we saw listings this low was around April Fools which shows me that we have seen the peak in listing volume that we expect in a spring/summer marketplace. Moving forward we will most likely follow the path we saw over the winter last year of bottoming out just over 100 total listings, as we expect the seasonality to return to the market. What does this mean for buyers? If you are expecting to see a whole bunch of options as you're searching, you will most likely be disappointed. A lack of listings is one of the biggest factors that have led to the increases in housing prices. If the volume continues similar to last year, we could be primed for another bump in average sale price.
💰One of the most frustrating thing in this marketplace for me as an agent is "the underpriced listing". I’m so used to seeing it, we know the listing agents who are consistently guilty of it; and sure it may work as a strategy for their sellers, so all the power to them, but when we are shopping with buyers there is nothing more frustrating. Just this morning I am touring a first time buyer around a few homes in a first time buyer price range. There’s a new place that just hit the market, photos look amazing, cute as a button and the price is super reasonable! After walking thru the home, I was honest with her that I believe the place will sell at least 100k above where it's listed at, and in all reality probably closer to 120k above the asking price! The frustration lies in the fact that there are already limited homes to see in her budget, and the one that she gets her hopes up for most is the most unrealistic that will be an option in her price range. This is what gets people upset with Realtors and the housing market in general. Again, I understand this is a strategy that can work out best for sellers, as it sparks chaos and may result in people paying more than they would have rationally paid for the place. But this is the reason people hate Realtors.
❄️Where does the market go from here? We see the slow down is happening with market activity. It's playing out week to week with the fewer sales and even reduced listings. I’ve talked about it a few times in the past, about how the listings will see an uptick as we have a last push before the winter market; but even with that we won’t see a return to the chaos of the spring market. The big unknown in the market may be attached to the upcoming election just 10 days away. Each parties platform is unique and has a way of shaping some changes in the housing market; mostly in a positive way for investors and buyers. Politicians are meandering to the public, that is looking to make it easier to jump in the housing market. This at the expense of longer amortizations, artificial interest rates and government incentives. This is a great thing in the short term, but can have some negative effects in the long term if people are taking on more debt than what is reasonable.
Hey Sudbury!
We are a few days away from the start of the school year. The thought of kids going back to in class learning is extremely exciting, especially in our house with the idea of all 3 kids going to school for the first time! At the same time we are inching our way towards another federal election, one with housing taking front and centre; with houses increasing like crazy since the last time we elected Trudeau into office, the nations debt increasing to all time highs, and people working from home; housing could be the number one issue on peoples minds going into this election.
Tune in for this week's most shocking trends and transactions!🎧
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Happy Friday Sudbury & welcome back to another episode of Selling the Rock, your local real estate podcast!
🏡In the full swing of the summer market, we are seeing sales continue to tick up while listings continue to tick down. This is putting more pressure on the supply of housing market and continuing to shift the market in favour of sellers.
⬇️It is really surprising to look at how low the conditional deals are this week. I don’t know if it is just a general drop off in market activity as a whole, but there is a trend with this number dropping every week. As a reminder the number of conditional deals is a snap shot in time to where the market is at with activity. Seeing us get down to 11 this week is the lowest number we’e seen since February!
💰The big shock this week for myself is the drop in total listings available. A few weeks ago we dipped from the 230’s to a low of 179 and then ticked back up to just around 200 listings. But this week we dropped again to 180. Thats a big decrease especially in just 7 days. The main reason for this is the spread of new sales versus new listings resulting in fewer ‘new’ red dots on your realtor.ca app.
🏷The mass buyers who are sitting on the sidelines are ready to jump when the right opportunity comes up was very clear in the Valley this week. I showed one property that was an older but updated bungalow but the kicker here was the detached garage was nicer than most peoples homes. It was recently built with oversized ceilings, a hoist, gas heat, all it was missing was the urinal for a true mans cave. Listed at 399k, the home had 10 offers on it; and when I heard that many buyers lining up I was expecting it to go for a big premium. My analysis had it pegged at the 430-450k range and the right buyer would be willing to pay a premium based on how much they loved that garage. When the dust settled it was just over the 480k mark with an unconditional offer. This was actually encouraging for me. I fully expected a crazy offer of 500k+; especially when I found out that there were double-digit offers on the place. To see an offer where it was accepted, was very encouraging. It shows that a buyer is willing to make a small overpay to get a place they really want, but overall most buyers are educated about values.
🧐Where is the market going from here? I can’t believe I am writing this but the new school year starts in a few days! This year for the first time we will have all 3 of our kids on the school bus! With the change in the calendar we do find there is historically an uptick in activity as people get back into routines around the school year. I expect to find the same this year, and with low inventory my guess is that prices and bidding wars will become a bit more fierce in the next 2 weeks. Following that school year bump in activity we will see the fall market play out with a transaction to a more moderate pace up and until we have the threat of snow and winter coming, buyers hate the idea of moving in the snow and I fully expect to see activity hit a peak again towards the end of the fall to match that timeline.
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Hey Sudbury!👋
I hope you’ve had a great week. I can’t believe that we are winding down on an amazing summer olympics. I truly love the olympics! It's the perfect example of competition, effort and accomplishment, not measured in gold silver and bronze, but in how the athletes measure up to their personal goals. The level of competition is insane and not all athetes that are participating have a chance at a medal, but as a country, I like to celebrate their personal effort rather than the result.
From a real estate sales perspective, we saw a reversal of the slowdown in listings over the last two weeks. This week we increased the supply a ton! As always, tune in for this week's market breakdown!🎧
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Hey Sudbury!👋
Today we have Kate Nelson on the mic with us! She has been with Lake City Realty for four months now and has been an absolute rockstar agent and content creator! P.S if you're looking for real estate content that is educational and entertaining, you need to go follow her on socials!
From a real estate sales perspective, things are still in the slower pace of the summer market. We have seen the shift continue where we are having more sales than listings for the last few weeks. As always, if you want in on the local real estate scoop, TUNE IN! You will be shocked by two specific transactions that happened this week! 😱
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Hey Sudbury! Welcome back to another episode of Selling the Rock, your local real estate podcast!👋
I hope you’ve had a great week. I know I’ve enjoyed the last 7 days! With the relaxed restrictions, we’ve been able to have small groups of friends over that I haven’t had the chance to see in person in almost 2 years. Just that fact alone had to make it one of my best weeks in a long time. To top it off, we had an awesome weekend where we must have caught at least 300 fish off of our dock (only 1 keeper, but such a blast for kids to catch and release), and had non stop tube rides and sauna/swims... I honestly couldn’t be happier! 🎣
On the work front, our team has expanded in the last few weeks. Tristan has added 2 new team mates to mentor: Ashton and Zack! We were also finally able to get (almost) the whole office together in person for a BBQ and photoshoot filled afternoon!📸
Want in on this week's market trends and transaction that had us all chatting? TUNE IN!😉
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Hey Sudbury!👋
Sorry for the lack of update last week...I took some time with family and it was absolutely amazing. As a Realtor there is often times I feel like I’m constantly connected to my phone and with the support of the team and staff over the last few weeks I have truly been able to enjoy myself and family time.
🎙 Today's episode is EXTRA special because we have our newest team member on board - Ashton Corcoran! P.S if you need advice on rental/investment/BRRRR properties, she's your gal!
📍On a local level, we have the Vale strike which seems like it won’t be a short one. I know this is incredibly hard on a lot of families who have people that are working the picket lines, and I wish them the best. On the flip side, we have another bench mark being reached today as we enter into phase 3; it’s so great to see a lot of my small business friends continue to lift restrictions and get back to a version of ‘the-old’n days’.
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🤔Could this be the end of ‘holding off offers’? I chatted with a few different brokers this week and the comments are all the same that they have had multiple properties that they have held out offers for and on offer date they got crickets. I still believe there is an overwhelming demand for ‘fall-in-love’ properties as opposed to ‘fall-in-like’ properties. We will still see bidding wars, but be cautious about your strategy moving froward.
🤝Multiple offers are a number we’ve been tracking closely, especially with the dip in the last few weeks. We hovered around 80% for the last number of weeks up until last week's drop to just under 70%. We saw another drop this week to the mid 60’s. These numbers don’t mean that the sky is falling for sellers, but they do support my conversation with other office managers this week that bidding wars are becoming fewer.
🏡We’ve had 13 weeks in a row where the # of new listings were larger than the # of sales for the week. Well, this week we reverse the trend! We saw 68 sales which is in-line with the sales we have seen recently, but only 63 new listings. This is the fewest new listings since March! We may have seen the peak of the spring market from a new listings standpoint already.
👇The other trend we have we seen for all of 2021 has been increasing the number of total listings. Well with # sales > # listings this week; we saw a pull back on the total amount of listings available. It was quite a large pull back to going form 236 red dots on realtor.ca to 222!. My predictions way back in the old-days of 6 months ago was that a healthy spring market would see 175-ish total listings. Well, it didn’t take long for us to meet and exceed that number, hitting the peak (at least for now) of 236 just last week. If we continue to see more sales than listings in future weeks we may be seeing total listings pull back towards the 200 range. If this happens, we may be seeing signs of the shift that has been favouring buyers go back to empowering sellers.
🗓Where is the market going from here? For almost 2 years I have been analyzing the stats on a weekly basis and one thing I’ve understood is the market is not efficient. When the stats show the market slowing, the market doesn’t actually slow down for 4+ weeks. Same thing when the market gets more active, it takes a few weeks (or even a few months) for the pendulum to swing and the buyers or sellers to have a true understanding of what is going on in the market. Well the pendulum seems like it could be swinging back towards the sellers...just when buyers were only beginning to see that the market shift in their favour. All that being said, we are headed to a slow down; fewer listings will eventually see fewer sales and we’ll return to a market where houses sell in weeks and not hours. How long will the transition take to happen? I think as we are moving towards a fall market we will see this picture come more into focus. This is actually all good news: fewer blind bidding wars, buyers being able to take their time to make decisions and get offers accepted with those ‘home-inspection’ conditions that seem like a distant memory.
🎈Wish David a Happy Birthday!
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💰Sales are up this week with a pretty big jump (from 61 to 70); but listings are up too (77 to 84). At 84 listings, we almost hit the peak we have seen over the last year and a half for new listings in one week... that’s a lot of new red dots on relator.ca!
🗓Pending deals took a pretty big dip this week. Going back to the mid-teens is some of the lowest numbers we have seen since February! A reminder that pending deals are a snap shot in time as to how active the market place is. Seeing this, we could be preparing for a shift in the market.
🏡Again the biggest number we are focusing in on is total listings. It seems to be the theme for the last few weeks. We almost hit 230 listings available in Sudbury this week! It was only in March that we were in the 130’s and now we have added another hundred listings in addition to what was there. Not only is the number large; it's also a big increase of almost 20 additional listings (10% more listings this week than last week). We are seeing that spread between new listings versus pending and sold places get bigger and bigger! These are all encouraging signs for buyers in this marketplace.
💎Not only did the million dollar sales continue this week, but we saw the biggest volume week of sales ever in the Sudbury Real Estate Board. Previous to this week, the most expensive house to ever sell in Sudbury happened back in 2016 when the recent seller of the Sudbury Wolves purchased the stunning flip home on Torbay road for 3.2Million. Well, this week we saw the 4Million mark broken not once but twice (one time in Sudbury and one camp in the French). That was couple with 9 total sales that were over 800k; most of these sales all happened on the same day with the same buyers agent too! When you take a look at a snapshot of the top 12 sales this week that totals almost 15Million Dollars worth of real estate that sold in the City (and that would hit 20Million if you add in the numbers from French River too). The rumour mills are churning in Sudbury as to where the money is coming from; but from what I hear it's nice to have a local resident hit the lottery big time and scoop up some local real estate for themselves and their family.
🤔Where is the market going? We are seeing two stories continue to play out. This week marks the largest sales volume of real estate ever to happen in Sudbury; without a doubt its probably 3 or 4X an average week of sales. All the while, we are seeing more listings and fewer pending, which, if we are to make inferences from the numbers we should see a slow down in the market place happening. What is underlying this is that fact that buyers are in a strong position to jump on places they really want, and aren’t afraid to write massive offers to get them. While at the same time, not every house is selling, and come offer night a lot of properties find themselves hearing crickets when they are waiting for offers to come in.
Special thanks to all of our listeners! Until next week,
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🚨It's official...picket lines are up at Sudbury's Vale Mines which calls for an emergency podcast!🚨
David Kurt, the broker of record and Chad Moore, a sales representative at Lake City Realty open up the question that's been buzzing around our office...what does the Vale strike mean for Sudbury's real estate market? Tune in to hear their thoughts on where they see things going from a real estate perspective on a short term, medium term and long term basis!
Want to share your insight on how the strike will affect housing prices? We'd love to connect!
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Happy Friday and welcome back to another episode of Selling the Rock, your local real estate podcast!
The big news this week came from the Banks. First of all the earning reports were significantly ahead of where the projections were, with the top 3 banks earning profits in the last 90 days of 9.5 Billion (yup with a B). As much as COVID has wreaked havoc with our day to day lives and the government spending, the banks were prepared for far worse; the amount of money the banks set aside for dealing with 'bad debt' (people not being able to meet their lending) has been slashed by all the banks who have released their numbers. So far, CIBC actually reduced their ‘bad-debt’ allowance by 98%! And the last point of strength for the banks is the introduction of the Stress Test version 2.0 that will be going into effect June 1st, basically making buyers qualify at the minimum qualifying rate (currently 5.25%) or their rate + 2%. I’ve been told anecdotally, that this should reduce home shoppers buying power by approximately 4%; which is pretty negligible in the big picture.
Tune in and listen to this week's 5 biggest takeaways from Sudbury's real estate market activity!🎧
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🏡Sales are flat and listings are up, all good news for buyers who are refreshing their realtor.ca app daily looking to see if any of those new listings check the boxes for their dream home.
👀Not only did we see more listings than sales (quite significantly this week) but the total listings jumped again this week to 205. This is the first week since I’ve tracked the statistics that we have ever hit over 200 listings. Way back at the beginning of the year I predicted a healthy spring market would see listings in the 175 range; this was even more than I could ever have predicted. With the increase in supply, it is a double-edged sword, as the sellers who have finally decided to list to experience ‘the crazy bidding wars’ may find that not every house is experiencing the same attention from buyers.
❤️We talk often about ‘like versus love’ properties and how the ones that feel like they are out of a magazine are getting the most attention from buyers and the highest offers on bidding day. This is a perfect example this week where we saw 3 homes sell for over a Million. 2 of them being waterfront homes, and the third just a really nice house with a pool in Moonglow. It is crazy to think that a couple of years ago we were lucky to see 3 houses in an entire year sell for 1M+ and this week we saw 3 sell, and 5 more listings hit the market with that price point.
🌊Chad on our team does a weekly newsletter called Waterfront Wednesdays; where we recap the waterfront market, review new listings and sales and try to cover something unique to waterfront homes (shore road allowance, lake water systems, SLS zoning, etc…). I remember chatting with Chad a few weeks ago when he was scrambling as there were a total of 3 waterfront homes available in all of Sudbury and the surrounding areas. As I sit here writing this we currently have 28 waterfront homes available; 12 of which have popped up in the last 7 days. I am showing a bunch of them later on this afternoon and the conversation I had with my buyer looking is ‘wow what’s going on with all the waterfront listings’. With May 24 weekend upon us, this weekend we are at the unofficial start of summer and we typically see an increase in waterfront homes as of this weekend. Usually, it's encouraged by couples enjoying friends' homes and camps on the lake, and they get excited about the prospect of enjoying that life for themselves. I remember it happening to my wife and I, 6 years ago, and shortly after we had our dream spot on the lake!
🤔My overall feeling for the marketplace is that there is a disconnect between the numbers and the activity that is happening. We see more listings coming out, which should pump the breaks on the activity and put power back into the hands of the buyers. That doesn’t seem to be happening, I think some of it is the mindset that buyers are in. They wanted to be moving into their home for the Summer, and they were prepared to buy in the spring market. Finding themselves in the heart of the spring market, they are ok to pay the premiums if it means they get the house in the timeline they want. In a typical year, we would find the spring market slow down at the end of June when kids are out of school and parents take their holidays to go camping and travelling. In our second COVID summer, we won’t be doing much travelling, so I don’t see lifestyle causing a slowdown in the market but the continued increase in supply has to work its way into slowing down the market eventually. That being said...don’t expect a drop off a cliff! Expect an easing into a slowdown in the marketplace.
I am so excited to enjoy some family time this weekend. We have golf courses opening back up, sports facilities, and tennis courts too for anyone looking to get their sweat on! I love the May long weekend, and I hope you are enjoying it with your family bubble in a safe and fun way!
📉It was interesting to see the drop in sales from 72 last week to 64 this week. It also translated to a drop in new listings from 85 to 78. We aren’t quite in the ‘unofficial’ spring marketplace (May 24 weekend is typically seen as the start of the spring market). I wonder if we have peaked or will continue to rise as we head towards next week.
📍Having New Listings outpace Sales again this week continues to put power back in the hands of buyers. With these increase in listings continuing we inch our way closer to 200 total listings available in the Sudbury market (up to 190 little red dots on realtor.ca this week versus 188 last week).
🏡Looking through the multiple offers this week, it was interesting to find that there weren’t many that were jaw-dropping 100k+ over the listing price but it seemed like the average $ over listing price was quite a bit higher than what we had seen the last few weeks. Typically we were seeing 25-35k over list price with a few outliers that were 6 figures above. This week we saw a lot of 50k above the asking price. I wonder if the market is just more active or if buyers are paying spring prices to get the properties they really want.
📅I was reflecting on this week's numbers and it seems like we are mirroring the real estate market exactly a year ago where we started to see a comeback in the marketplace after the initial wave and uncertainty of what COVID was going to do to the real estate marketplace. After the initial lockdowns (1 year+ ago) we were in the teen’s or lower # of sales on a weekly basis up until this week in 2020 when sales ticked up into the mid-30s. Today we sit double that this week with almost 2,600 homes sold in the last year. As we prepare to extend the lockdown until early June, it is amazing to reflect on how some things are so different but yet so much is still the same.
🤔In my summary bullet point, I like to predict...where do we go from here? Well, we are one week away from May 24 weekend, and I’ve been wearing shorts the last few days as the weather has hit 20+ and sunny constantly. The number of listings has slowed as we inch our way closer to 200 available homes in Sudbury, which gives buyers selection while at the same time the marketplace remains extremely strong. Prices seem to continue to be strong, although the growth rate seems to have slowed compared to what it was a few months ago. I think we are seeing the levelling off of that growth, which is spurred by increased supply and rates which should be on the rise in the near future. If this happens it would be a very big positive for Sudbury! Prices rise but not as crazy as some of the cities to our South (despite what the trolls on our Facebook Ads may say) we are still affordable as a city here.
One week away from May 24; I hope you guys are able to enjoy yourselves as camps start to open up and we start to enjoy the beautiful Northern Ontario Summer! That's dips in the lake, boat rides, and bonfires! I couldn’t picture a better way to socially distance than that!
Until Next Week Sudbury!
Welcome back to another episode of Selling the Rock, your local real estate podcast!
🏡We have seen it with a few listings on our team in the last few weeks, where we have held off for offer dates and no offers come forward. With the massive increase in listings we have seen over the last few weeks (going from 110 to 188 total listings available) the buyers remain very picky and selective with the thought that there will be more homes available next week.
📈Sales dropped a bit over last week (from 77 to 72) while listing increased slightly (from 82 to 85). This is a continuation of listings outpacing sales, which means more listings available on the market. This week, the jump was marginal (from 186 total listings to 188) but none the less that number is still increasing.
🌟This week we saw 2 different examples of the waterfront dream home and the demand that can come with buyers who are sitting on the fence waiting for a dream property. In the first case, it was a bank repo on the lake in the Southend. It was a truly spectacular listing that just was lacking some finishing touches. Sitting on over an acre with a couple hundred feet of waterfront, and 2000 sqft+ all brick bungalow, it was listed for the high 700’s and went just under 1.2M. The second one was a beautifully redone house on the river just East of Sudbury. The listing was so busy from a demand standpoint that they had to change agents' showings to 15-minute time blocks (yes we drove 40min to get a 15 min showing). That one was again listed in the high 700’s and went for just under $1.05M. Clearly, people are willing to spend their COVID savings on enjoying their home in lieu of spending on travel and concerts.
💸With the 2 big sales above in the last week, there was an increase in the multiple offers over the dip we experienced last week. Last week, 39 of the 77 sales were in bidding wars and this week 57 of the 72 sales were in competition. The point to highlight is that it is abnormal to see a massive $ over listing price as the example above, most of the sales that are happening are at listing price or slightly above.
🧐I like to end with a reflection, where does the market go from here?We chatted about this on our team call this morning and I believe we will continue to see more supply of listings and buyers still jumping on places they are in love with and waiting on places that they may only be ‘in like’ with. I think that we will see flatline prices for the next short-medium term range; not that prices are going to decrease, but clearly, there are some people who are paying a premium over where the value is today to get the space they truly want. I think it will continue to get better for buyers in our local marketplace; we have even seen some of our listings get accepted with a home inspection and financing conditions. We even saw an offer accepted with the condition of selling someone's home this week!
We are only a few short weeks away until the May 24 weekend; which in the North is unofficially the start of summer. I have been running a 100-day countdown on Instagram Reels showcasing 100 tips to get your house ready for the market; if you find yourself in that scenario, take a peek on insta and let me know what you think!
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