Weekly Wrap Up...Biggest Spread of New Listings We Have Seen in all of 2020 So Far!

Welcome to fall in Sudbury. This week we have David Kurt AND Tristan Ritchie on the mic to chat about the week in today's episode of Selling the Rock! The leaves are changing, school is in full swing (for now), and the furnace is officially turned on. I’m sitting here writing this cozied up to a warm fire with a piping hot americano (pretending its Pumpkin Spiced). Provincially, we are now down to gatherings of 5 people max, and the rumour is that today's PD day for educators has a focus on what would a shift to online schooling online look like as a transition.

It was an interesting week with the US debate in full swing. The consensus after the first debate is the biggest loser is the viewers at home. Apparently, it had the search “Move to Canada’ spike to all-time highs on Google. Locally, we saw a nasty side of some keyboard-warriors who were threatening to deface the newest Mural painted by the BLM Sudbury chapter; 2020 has us living in a strange world I feel like.

From a real estate market perspective, we are seeing the biggest one week shift away from the crazy seller's market. We had 20 more new listings than sales this week! Comparing to the averages, multiple offers and conditional deals were pretty consistent.

My 5 Takeaways this week are:

• The shift is real; we saw only 50 sales this week with 70 new listings. That's the biggest spread of new listings we have seen in all of 2020 so far. Good news for buyers who have been frustrated waiting for listings!

• Why can’t listing agents list a house at the right price??? This has been a dragging frustration for a lot of buyers in the marketplace and we saw it again a few different instances this week. The worst example was a vintage 1970’s bungalow listed in New Sud’s for 199k; I pulled up single-family homes under 250k in New Sudbury in the last 3 months and there is only one sale (244k) and that was rough! Clearly, this home should have been listed at least at 250k. What happened in the end? 25 total offers with 24 frustrated buyers, and almost 100k above asking price with no conditions.

• Reviewing the sales from this week, I took a look at the prices and almost 40 of the 50 sales were under 400k and 56 of the 70 new listings are also under 400k.

• Looking at ‘Luxury Sales’ (sales higher than 600k); there were only 5 this week (4 of which were in the South End). The highest one was just over the 900k mark for a flat lot waterfront home on Long Lake that also has a pool (for those who can’t stand the chilly Lake Water).

• Looking at the numbers this week, it really feels like the slowdown is coming. It is funny these listings are coming up now with only a few months until our winter market is here and some of the buyers icing their home search until the spring thaw. This combined with the mortgage deferrals ending for the 20% of Canadians who opted to put their mortgages on hold; there are lots of factors that could point to the shift in listings continuing.

In the last few weeks, I had relaxed my prediction that the market would slow down and shift away from the seller's market we have been in. There are clearly leading indicators that could amount to a shifting market though; the biggest being that those mortgage payments for the 20% of Canadians that haven’t made a payment in 6 months will be due this week. That combined with snow in the forecast this week, may be a reason for us to transition into a winter market without really having a fall market at all.

I know on tap for me this week will be braving the cold water to get the floating dock and the boat out of the lake, I’ll make sure the sauna is stoked before taking that dip!

Best of luck and we’ll chat next week!