Happy Friday everyone and welcome back to your weekly wrap up episode of Selling the Rock!
Wow-what a change from last week, we saw an abundance of sales with hardly any new listings; and this week sales were around the same number but the number of new listings jumped a ton! We had expected the slow down in sales and new listings as we transition into the winter market, but this week was definitely one where there are more homes available to browse on realtor.ca.
The conditional deals were up significantly week-over-week by almost 30%. This is the best snapshot in time with market activity; showing that the buyers are still out there and excited to jump at homes. As mentioned in past weeks, this could be the pre-winter rush that we expect from buyers but it could also just be a sign that the market continues to be strong.
The most surprising number this week… The % of multiple offers. We went back to 3 out of 4 deals seeing multiple offers this week. That's matching a peak we saw only at the busiest time in the marketplace. There were a lot of deals getting done at a lower price point this week, and it makes sense that those price ranges are more active, but an interesting number to see for sure.
Taking the last point a little further, I reviewed the $ figures on the deals this week. Only 2 deals were over a 500k price point (and in both cases just barely over). It is interesting to see the slow down in the upper-end price homes. This points to a more active first-time buyer marketplace; which is interesting to consider.
The big shortage in the marketplace; at least anecdotally, is the turnkey step-up family homes. Looking at the statistics there is actually more listings available now then there was last week (more new listings than sales again this week; albeit slightly compared to last week), but I currently am seeing it with my buyers and chatting with other agents in the office that are seeing the same thing. It's the lack of move-in-ready; with upper end finished homes that are on the market. What has to happen for these homes to come up? The sellers living in them have to be motivated to jump up to the next level of a luxury home or be living in a fully renovated home and be ready to downsize (usually people at this point are in a house that needs updating). I think that these types of homes will continue to see strong prices as the buyers who are looking to buy these are sitting on the sidelines waiting.
It is a bit scary to read the news on the number of cases of COVID this week. It’s in the news that the current projections could hit 6500 cases a day by Christmas if we continue on the same trend lines that we are currently on. It seems like deja-vu when we realize it was almost this time last year when we were first hearing about COVID and this mystery disease. I know a lot of friends with small businesses would be in a tough place if we did have the world close down around them again. With this said, I hope everyone is staying safe and sound, and continue to do whatever we can to manage the spread.
Until next week guys!
