Welcome back to another episode of Selling the Rock, your local real estate podcast!
🏷We saw quite the drop in sales this week, however this must be taken with a grain of salt as last week's numbers were some of the highest sales we have seen anytime over the last year +. It looks like the drop could get us more in line with spring market sales for this time of the year.
🏡New listings popped big this week. We had mid-60’s a few times already this year but this is a very healthy thing for the spring market. The selection gives ground to options for buyers which in turn takes a small amount of the wind out of the sails of this chaotic market.
⬆️The biggest shocker was the increase in the number of new listings, where we hit 157 total listings this week. It was a 15% increase week over week and brought us to the highest # of listings we have seen anytime in 2021 (since I’ve been tracking the total market inventory). I made the prediction a few times that a healthy spring market would see 175ish listings and the increase this week has us well on the way to that number.
👀It felt like multiple offers weren’t quite as crazy this week as they were in past weeks. I think the majority of the 28 sales that went into bidding wars were only slightly above the asking price which was a bit of a change. There were a few listings (mostly done by the same team) that had 100K+ over asking price (note asking price and market price are different things)... when a place is underpriced by 100k and sells for 100k it sells where it should!
🗓This is the biggest shift in the market we have seen in months that could put us back into a balanced market territory. One of the key stats that is tracked for determining a ‘buyers market’ is months of inventory (Sales/Total Listings = how long the market would last if you had no more listings come available). This week we see 4.5 weeks of listings which is amazing compared to the last few weeks where we have seen 1 or 1.5 weeks of inventory. Not that I think prices are going to fall but rather this is a healthy sign of the market activity being a bit more reasonable as we head into spring.
Despite the rain in the forecast, it is beautiful in Sudbury! The snow is gone and most of the ice is from all the big lakes around town. I saw people on kayaks in our backyard just this morning! How can you not love Sudbury at this time of the year?
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