Sudbury Real Estate Market Update: March 28 - April 3, 2020
We are almost 3 weeks into the COVID shutdown across the province, and things certainly look like they are going to get slower before they pick back up again. Doug Ford just announced the revised list of businesses that are deemed essential, and although Real Estate is still on the list; as we've made point before, it definitely isn't business as usual.
There were a lot fewer business that made the revised list of 'essential' businesses notably that affect the housing industry locally was the Residential New Construction; any builder that hasn't started building as of yet is not put on hold.
We've given this advice to sellers for a few weeks now, but if you can afford to put your house search/sale on hold; DO IT. We should all be staying at home as best as we can to do our part to flatten the curve. If you can't we are able to operate in a revised capacity focused first and foremost on online and virtual meetings.
That being said this is the fist drop in activity we saw in the last 3 weeks, prices are still strong but activity has dropped (to be expected); take a look at the # of multiple offers though, over 50%. of sales! That number shocked me the most.
Average Sales Price
Months of Supply
Average Days on Market
Average Price per Square Foot