Sudbury's Monthly Market Update: July 2022
If you’re thinking about buying or selling, having a good understanding of what’s going on in our local market is vital. Being aware of the data such as the average sales price and the number of homes sold will better arm you with the knowledge you need to make an informed decision.
So, what’s been going on in the Sudbury market lately? Here are some of the most important stats you’ll need from the month of July!
Average Sale Price: $442,000
The average home price for the month of July dropped significantly; in June, Sudbury was sitting at an average home price of $489,000, and from January - May, we were sitting around $500,000. For a long time, the million + dollar homes were pulling up our averages, but these types of homes don’t seem to be taking over the market as much. As interest rates increase, we should also start to see some prices drop to reflect this change in the market.
Number of Homes Sold: 296
Sudbury saw 296 units sold in Sudbury in the month of July, down from 327 units in June. Homes are also beginning to stay on the market longer, which is giving buyers more opportunities to look at a home a few times before deciding to make an offer.
Number of Multiple Offers: 140 (approx.)
The number of multiple offers have started to decrease. In June, 80% of listings sold in multiple offers, and by the end of July, this number was below 50%. Many of the homes that are getting lots of action on offer night are selling for 10s of thousands over asking price; a big change from just a few months ago, when some homes were receiving offers for 100s of thousands over asking price. This could be a good sign for those looking to get into the market, as some homes have even begun selling below asking price!
Number of New Residential Listings: 394
Sudbury is experiencing a high inventory of homes on the market, and if you’re looking to buy a home (especially as a first-time buyer), this means you have lots of options. During the pandemic, many people bought homes they weren’t totally happy with or homes that didn’t have items on their wish list (garage, large backyard, etc) because they were worried they’d never own a home. Now that the market is slowing down, you’ll likely find you have more time to find your dream home and have tons of homes to choose from!