Hey Sudbury!
Welcome back to another episode of Selling the Rock! Today we have both David and Tristan on the mic to give you your weekly market wrap up! From a real estate perspective, we continue the trend of more listings than sales that we’ve seen in the last few weeks (good news for buyers); in addition to that, the stats across the board were down week-over-week compared to the last few weeks and well below the post-covid averages.
My 5 takeaways this week are:
The slowdown continues in the marketplace this week. For the 4th week in a row, we’ve seen more listings hit the market than were sold; which continues to increase the selection for potential buyers.
As a buyer in the recent marketplace; they have come accustomed to sellers ‘holding off offers’ and dealing with a bidding war/multiple offer frenzy come the seller's selected offer date. While multiple offers are still continuing (61% of sales this week were in a bidding war); it seems listing agents are getting more desperate for offers to come to the table on their offer date. Multiple times this week, I showed places that held off offers and the listing agent was calling me on offer date letting me know they have no offers and sellers would love to have one to work with.
Numbers are down across the board this week, in all 3 major categories (New Listings, Sales and Conditional Deals). I’ve chatted about this in past weekly updates but the idea that ‘Winter-is-Coming’ is clearly having the seasonality impact that reduces activity in our local market every year. Sellers signing a 3-month listing now (and the scary thought of signing a 6-month listing for those agents that push that) bring us through Christmas and into 2021! The countdown is on now where we have 5-6 weeks left in this market until we are dealing with showings in the freezing temperatures and snowstorms.
There are currently 10 waterfront homes available in Sudbury’s waterfront Hot-Spot (Southend/Long Lake road area). I reviewed the list prices and 50% of them are priced in the Ultra-Luxury Price Point, starting at 1.5M and going all the way to just under 5M! The other 5 that are on the ‘affordable scale’ include a fixer-upper around the 400k mark, and then jumping to the 700k-ish type of value. There is clearly a grand-divide between average house prices and waterfront home prices in this market; and this seems like something that isn’t going to go away any time soon, this gap in prices will more than likely just continue to increase.
We are currently sitting at 274 active listings in the City of Greater Sudbury. And typically, as we transition from the Summer to Winter market we will see a decrease in the available listings by about 25% (leaving roughly 75% of the number of listings over the winter months). If this trend continues we could easily see our total listings in the range of 200 or so listings available on the market. This would be extreme lows for the Sudbury marketplace, which may mean that the winter market may actually be stronger than we have seen in past years. There are a lot of unknowns as we prepare for the first COVID-winter market, but it's clear that the rest of the province's real estate market continues massive growth year-over-year, and it almost feels like Sudbury numbers are coming up short versus a lot of our Southern Ontario marketplaces. We are typically a few years behind the trends we are seeing in S.Ont. and if the strong price growth continues there, we could be headed towards a strong long-term picture for our local market!
All the best and we’ll check in with you next week!
