Weekly Wrap Up...The Spring Market is Here in Full Effect!
WHAT A WEEK, SUDBURY!
It was a brutal week for Laurentian University and anyone tied to the school. They had a 5 hour long debate in parliament about keeping the school alive and on Monday this week we got the news about the massive cuts to the University, as well as the cancelling of the sports programs (Hockey and Swimming). I feel for the employees of the school who are trying to work in such uncertain times, I feel for the students who aren’t sure what is happening with their programs and I feel for the community as a whole as we navigate these times.
On a national level, wow, it seems that from a financial perspective the US (and Canada typically follows our big brother to the south) is in the best place it's ever been. The Dow, S&P and Nasdaq are all at incredibly strong numbers. Even Bay street is ahead 37% in the last year; and Jay Powell (the Fed Boss) was on 60 minutes last week saying the economy is fine, COVID will fade, the recovering is just starting and inflations is no big deal. All the while the central bank is not going to take away their support measures within the economy any time soon. It's been a great time to have a balanced portfolio!
On a local real estate perspective, things have literally been going crazy. It was almost the highest number of sales with nearly 90% of them selling in a bidding war. We also hit the highest number of new listings we have seen in over a year!
Number of Sales
Conditional/ Pending Deals
🏷Wow, things really got busy versus last week's numbers. We had double the sales from last week; sure last weeks numbers did fall off compared to the previous week's but 70 is crazy! I did a full scan and 70 sales is the second most sales we have seen since I started tracking our numbers in April of last year!
🏡Sure sales were crazy but the spring market actually brought a huge bump in listings this week as well. With 82 new listings this week, we hit the highest number of listings in any 7 day span since I started tracking numbers just over a year ago as well! Despite the chaos of 70 sales, we actually had more listings than sales which allows the market to expand the selection and give buyers more choice this week than there were last week!
⬆️Multiple offers were almost at 90% this week, which is another number that is shocking (even when we consider the trend of the last 6 months). The interesting thing about the multiple offers though is other than the odd outlier the average home selling isn’t going ‘crazy’ with sale price over list price, we are seeing a few instances of the 100k above asking price, but these are few and far between.
👀The number of total listings which we were surprised to see hit 157 last week after trending in the 100-130 range for all of 2021 so far, jumped again this week by another 5%. That means there is 5% more homes for buyers to pick from on the market this week than there were last week!
🗓Despite the snow we had this morning, we can clearly see that the spring market is here in full effect. The volume of sales, new listings and active buyers in the marketplace are pretty incredible, even when we look historically to any of the numbers we saw over the last 12 months. The one interesting note to take is that when we are comparing with numbers for the last 12 months we really didn't have a true spring market in 2020. When COVID first hit the uncertainty was at an all time high and it greatly affected the typical seasonality we see in the market. This is a good sign that even with the shutdown there still remains a vibrant real estate market; now we just need to make sure we are doing our part at avoiding a curfew and stay home unless it's necessary.
Wishing you all the best as we continue to battle these crazy COVID numbers in Sudbury. Do your part to stay home and stay safe and enjoy the last little bit of a chaotic march break.
Until next week Sudbury,
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