Weekly Sudbury Real Estate Market Update: It's Only Going to Get Crazier!
In any typical Sudbury spring market, we hit this point where the phone doesn’t stop ringing and we have back-to-back appointments where we are showing houses and trying to battle other agents in competing offers. Well, last week has brought on a lot of similarities... just add in hand sanitizer, face masks, gloves and non-stop COVID-disclosure forms. The activity this week has been absolutely insane. Here's a peak at the number of new listings, active listings, pending deals and sales in Sudbury!
My biggest take-away when I look at the numbers is that this busy market can still get busier. We've seen the number of new listings triple 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 resulting in an increase in the number of sales.
We saw 33 sales this week, and when you add in the conditional sales we almost hit 60! Comparing the sales from last years market we had 52 during the same week (conditional sales weren’t as commonly updated last year so take it with a grain of salt).
The conditional sales this week made my jaw drop. A month ago we saw multiple weeks with 0 pending sales (also take this number with a grain of salt as not all agents are updating their listings to a conditional sale, but as a whole the market has been getting better). Even the last few weeks have hovered around 10 conditional sales, and this week, there were 23! This number is a testament of how active the market truly is.
Average Sales Price
Months of Supply
Average Days on Market
Average Price per Square Foot
To summarize, we are in a crazy market that should actually get crazier in the next few weeks as we continue rolling back COVID requirements and opening up Sudbury and the rest of the province. We are seeing an awesome increase in new listings, but still not enough to match the pent up demand of buyers who have been quarantined in their house for the last 60+ days and may be feeling that they are ready for a bigger place. If you are looking into buying or selling in this market, I'd be happy to grab a zoom coffee and chat about your unique position in the market.
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