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Weekly Wrap Up: May 9th - 15th

David Kurt

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

May 20 3 minutes read

Weekly Wrap Up: May 9th - 15th

Hey everyone and welcome back to another episode of Selling the Rock, your Sudbury real estate podcast! We apologize we've fallen a bit behind, but here is the weekly wrap up for last week! 

In any typical spring market, we hit this point where the phone doesn't stop ringing, we have back to back appointments and we're battling showings and multiple offers with other agents. Well, last week brought a lot of the same similarities...just add in hand sanitizer, face masks, gloves and nonstop COVID-19 disclosure forms. Basically, we are in a spring market...just in the middle of a pandemic!

 The real estate numbers continue to show a bright picture that the market is fully emerging from the COVID shut down. Last week, May 9th to the 15th, we saw 45 new listings and 33 sales (with an additional 23 pending sales)! That could bring us to a total of 56 sales last week alone! The number of conditional sales is jaw dropping! A month ago, we saw multiple weeks in a row with 0 pending sales! This truly reflects how busy the market is right now! The percentage of multiple offers last week dropped pretty significantly, from 2/3 to closer to just over 50%. However, we are still seeing the trend of holding off offers.

Just a few weeks ago, David Kurt predicted that we were at the slowest point in the pandemic real estate market. Last week's number of listings almost tripled! This has a lot to do with sellers feeling the marketplace as an opportunity, with a build up of buyers and minimal listings. The market has reset back to a sellers market, similar to what we were seeing pre-COVID. 

This busy market can still get busier. We've seen the number of new listings triple in size in size in the last few weeks, but they still aren’t keeping pace with the number of sales (and pending sales). As long as; Sales + Conditional Sales > New Listings; we are going to continue pushing the market further into a sellers market. As we continue to ease up on COVID requirements it is likely that more buyers will enter the home search as well, putting more pressure on the market and increasing the number of sales. 

We appreciate all of our weekly listeners and hope that Selling the Rock has brought value to your daily lives. If you are looking into buying or selling in this market, we would be happy to grab a zoom coffee and chat about your unique position in the market. 

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