Weekly Wrap Up: May 22nd - May 28th
More Listings, More Sales, More Multiple Offers...
Hey everyone and welcome back to another episode of Selling the Rock, you're Sudbury Real Estate Podcast! David is on the mic to share this week's wrap up!
This week was the week of of 'MORE'! More listings, more sales, more multiple offers...it's been a crazy week to say the least! There was a ton of fear last week that CMHC was pumping into the marketplace. Although, the threat of increasing minimum down payments and all the talk or Canadians on the brink of a ‘debt-cliff’ didn’t seem to have any sort of impact on our local marketplace. This week we saw the biggest increase in the number of sales that we've seen in all of 2020! When we look at firm deals and conditional deals together, we had over 60 deals! Multiple offers also jumped back up to 50% this week from 33% last week.
It seems the delay of the Spring market as well as the beautiful weather has created the perfect storm for chaos when it comes to the Sudbury Real Estate marketplace. Supply was up last week, and this week it's up again. I know buyers are begging for more listings, they are on their realtor.ca apps constantly and most know the number of available listings better than they know their mom's birthday. Last weeks trend of # Sales + # Conditional Deals < # New Listings; didn’t hold up this week, and the numbers that we are seeing this week, even with the most new listings we’ve seen in a week in all of 2020, we are continuing to push the market further into Sellers Market territory.
It will be interesting to see if the sales will continue to rise to surpass those new listings in June. As long as the number of sales are greater than the number of new listings, we'll continue to push ourselves into a seller's market.
We appreciate all of our weekly listeners! Let us know what your thoughts are on today's weekly wrap up! And of course, let us know how we're doing; like, comment, share or leave a review! Keep an eye out for next week's episodes of Selling the Rock!
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David Kurt, Lake City Realty's Broker of Record, shares weekly exclusive perspectives on Sudbury's Real Estate Marketplace.
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