Weekly Sudbury Real Estate Market Update: Storming Back with a Force
Happy Belated Mother's Day! I hope everyone had a lovely weekend spent celebrating all of the women who make your lives brighter! Sudbury received some good news! As of Saturday, I’ve been told we will be able to show up to the hardware store, abiding by COVID-safe precautions just like we do at Walmart and the grocery store, if we want to go pick up that missing lumber (I have to remember to measure twice and cut once). This could be the first sign that things are starting to trend back to some version of normal. As we plan to open up businesses in Sudbury again, the numbers continue to show a bright picture that the real estate market is fully emerging from the COVID-shutdown and storming back with a force. Take a peak at last week's number of new listings, active listings, conditional pending deals and closed sales in Greater Sudbury!
The number of new listings may be the most impressive number I saw last week. It was just a few weeks ago we were in the 10-15 new listings range and this week we almost hit 50! Tristan and I reviewed the ‘spring COVID real estate market’ during last week's Lake City Live; and the number of new listings in April 2020 compared to April 2019 was 50%. Clearly the evidence is showing buyers jumping on new listings and the percentage of multiple offers means that buyers are still begging for more selection.
Another positive real estate market trend in Sudbury is the # of conditional sales. Last week we saw 10 sales under contract and this week we have 7! Looking at the conditional sales closer, the most interesting takeaway is that 6 out the 7 listings were listed in the last 9 days. Buyers are sitting on the fence anxiously waiting to jump on new listings that fit a criteria when they come on the market.
It was just 2 weeks ago that the # of sales had bottomed out; when we hit 15 sales in the week, it was my prediction that we were at the bottom and we were going to start a slow ramp up to get back to pre-COVID levels. With 21 sales this week, we are well on our way. Still a little off of the 38 sale we had for the same time period last year, but getting closer to pre-COVID numbers.
Average Sales Price
Months of Supply
Average Days on Market
Average Price per Square Foot
In summary, we are a few weeks into Sudbury's spring market. Even before the government has relaxed COVID requirements locally, all indications are that the real estate market is coming back full steam ahead. We aren’t back to normal levels yet, but we have still been asking sellers to postpone listing or buying if they feel that they can. May 24 long weekend is fast approaching and my gut tells me that will be the target date for a lot of sellers to aim for as a timeline for listing their homes. Hopefully soon, locally, our economy will be showing signs of piecing things back together. I think that’s when a flood of buyers and sellers will reemerge into the marketplace (with any safety precautions required) and get back into the house hunt.
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