📍Having New Listings outpace Sales again this week continues to put power back in the hands of buyers. With these increase in listings continuing we inch our way closer to 200 total listings available in the Sudbury market (up to 190 little red dots on realtor.ca this week versus 188 last week). 

🏡Looking through the multiple offers this week, it was interesting to find that there weren’t many that were jaw-dropping 100k+ over the listing price but it seemed like the average $ over listing price was quite a bit higher than what we had seen the last few weeks. Typically we were seeing 25-35k over list price with a few outliers that were 6 figures above. This week we saw a lot of 50k above the asking price. I wonder if the market is just more active or if buyers are paying spring prices to get the properties they really want. 

📅I was reflecting on this week's numbers and it seems like we are mirroring the real estate market exactly a year ago where we started to see a comeback in the marketplace after the initial wave and uncertainty of what COVID was going to do to the real estate marketplace. After the initial lockdowns (1 year+ ago) we were in the teen’s or lower # of sales on a weekly basis up until this week in 2020 when sales ticked up into the mid-30s. Today we sit double that this week with almost 2,600 homes sold in the last year. As we prepare to extend the lockdown until early June, it is amazing to reflect on how some things are so different but yet so much is still the same. 

🤔In my summary bullet point, I like to predict...where do we go from here? Well, we are one week away from May 24 weekend, and I’ve been wearing shorts the last few days as the weather has hit 20+ and sunny constantly. The number of listings has slowed as we inch our way closer to 200 available homes in Sudbury, which gives buyers selection while at the same time the marketplace remains extremely strong. Prices seem to continue to be strong, although the growth rate seems to have slowed compared to what it was a few months ago. I think we are seeing the levelling off of that growth, which is spurred by increased supply and rates which should be on the rise in the near future. If this happens it would be a very big positive for Sudbury! Prices rise but not as crazy as some of the cities to our South (despite what the trolls on our Facebook Ads may say) we are still affordable as a city here. 

One week away from May 24; I hope you guys are able to enjoy yourselves as camps start to open up and we start to enjoy the beautiful Northern Ontario Summer! That's dips in the lake, boat rides, and bonfires! I couldn’t picture a better way to socially distance than that!