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Weekly Wrap Up...327k above asking price??! 😱🏡

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...

Mar 5 4 minutes read

WHAT A WEEK, SUDBURY!

From a local real estate perspective, sales took a tumble this week from last week's abnormally high number, while the new listings jumped to numbers we haven’t seen in 21 weeks.

Number of Sales


47

LAST WEEK

32

THIS WEEK

Conditional/ Pending Deals


4

Last Week

9

This Week

Multiple Offers


35

Last Week

26

This Week

New Listings


35

Last Week

55

This Week

It was the % of deals that were in multiple offers that were in crazy territory again this week. We had more than 8 of every 10 sales happen in a bidding war, only one other time in the last year have we seen numbers close to this percentage. Interestingly, we had fewer sales, more listings and more multiple offers all in the same week. It seems like the % of multiple offers is probably a lagging indicator of the overall market and how things are performing on a weekly basis.

The sale that had every real estate agent talking this week was the executive bungalow with a pool in New Sudbury. Listed at 900k, it was premium priced to begin with and featured a fire orange sports car with a 6-figure price tag in the garage with specific notes to the agents showing the property “DO NOT UNDER ANY CIRCUMSTANCE TOUCH THE CAR”). Only 2 days after the house hit the market it sold firm; at 327k above the asking price. That's almost equivalent to the average price of a house in Sudbury OVER THE ASKING PRICE! The only conclusion I can make is that the owners fell in love with the house and the car and made them an offer they couldn’t refuse.

The entire market saw a pretty significant increase in homes this week. For the last few months we have been hovering just above the 100 available homes number, and this week we bumped that up to 123. This is the most homes available so far in 2021. It makes sense that we will see an uptick of new homes come available as we get closer to the spring market, but seeing the increase this week is a very big positive sign that there may be some normalcy coming in this chaotic market.

I am hoping that Sudbury can avoid going back into the ‘Red Zone’ this week. Just for my own sanity... it has been so nice over the last 24 hours to be out of my house and back at my office. I understand we need to be safe and take precautions but with more people getting poked with the Vax in Sudbury it seems like we are getting closer to the end instead of getting closer to another mass shut-down. From a real estate perspective, we saw listings slow significantly when people got the stay home order. I have a feeling that will happen again if we are put in another shutdown, and the momentum of listings building up that we saw this week will be erased, bringing us even more chaos as we inch closer to the spring market.

Wow-what a week, it looks like it's supposed to be a beautiful weekend out there; regardless of what zone we find ourselves in later on today, I hope you can get outside with your family and enjoy some beautiful sunshine.

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