Happy Friday Sudbury & welcome back to another episode of Selling the Rock, your local real estate podcast!
🏡In the full swing of the summer market, we are seeing sales continue to tick up while listings continue to tick down. This is putting more pressure on the supply of housing market and continuing to shift the market in favour of sellers.
⬇️It is really surprising to look at how low the conditional deals are this week. I don’t know if it is just a general drop off in market activity as a whole, but there is a trend with this number dropping every week. As a reminder the number of conditional deals is a snap shot in time to where the market is at with activity. Seeing us get down to 11 this week is the lowest number we’e seen since February!
💰The big shock this week for myself is the drop in total listings available. A few weeks ago we dipped from the 230’s to a low of 179 and then ticked back up to just around 200 listings. But this week we dropped again to 180. Thats a big decrease especially in just 7 days. The main reason for this is the spread of new sales versus new listings resulting in fewer ‘new’ red dots on your realtor.ca app.
🏷The mass buyers who are sitting on the sidelines are ready to jump when the right opportunity comes up was very clear in the Valley this week. I showed one property that was an older but updated bungalow but the kicker here was the detached garage was nicer than most peoples homes. It was recently built with oversized ceilings, a hoist, gas heat, all it was missing was the urinal for a true mans cave. Listed at 399k, the home had 10 offers on it; and when I heard that many buyers lining up I was expecting it to go for a big premium. My analysis had it pegged at the 430-450k range and the right buyer would be willing to pay a premium based on how much they loved that garage. When the dust settled it was just over the 480k mark with an unconditional offer. This was actually encouraging for me. I fully expected a crazy offer of 500k+; especially when I found out that there were double-digit offers on the place. To see an offer where it was accepted, was very encouraging. It shows that a buyer is willing to make a small overpay to get a place they really want, but overall most buyers are educated about values.
🧐Where is the market going from here? I can’t believe I am writing this but the new school year starts in a few days! This year for the first time we will have all 3 of our kids on the school bus! With the change in the calendar we do find there is historically an uptick in activity as people get back into routines around the school year. I expect to find the same this year, and with low inventory my guess is that prices and bidding wars will become a bit more fierce in the next 2 weeks. Following that school year bump in activity we will see the fall market play out with a transaction to a more moderate pace up and until we have the threat of snow and winter coming, buyers hate the idea of moving in the snow and I fully expect to see activity hit a peak again towards the end of the fall to match that timeline.
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