January 08, 2021

Weekly Wrap Up...It's been a crazy first 7 days of 2021...

9 minutes

Happy Friday!

Wow, here we are 2021! As we turn the page to a brand new year, it's been a crazy first 7 days, especially for our neighbours south of the border. With Trump being removed from office; and his loyalists storming the cabinet; needless to say, it was quite the week.

Here on a local level, we have just recently extended our lockdown, the glimmer of hope is that schools announced that things will be going back to in-class learning for kids as of Monday. Wow, it's been a busy week trying to play parent/teacher to an SK and a grade 2 student who are sitting at an iPad all day long.

From a real estate perspective, I know I’ve taken a few weeks off my weekly update but I hope you and your family had a relaxing holiday. We have started the year with more listings than sales (although there are 6 of the 21 listings that are re-lists of new construction homes), but multiple offers are still a thing that’s stayed strong into 2021!

My 5 takeaways this week are:

Numbers are down across the board, which isn’t surprising at all at this time of the year. What is surprising to me is the new listings that are popping up; we are seeing a lot of them holding off offers. This has been a thing that’s been the norm as we close out 2020, but moving into the new year I thought we would start to see less of that, but it doesn’t appear so.

The number of listings is almost more than I expected for the first week of the year. I am in talks with a lot of sellers who are holding off until around mid-January to get their homes on the market; so to see over 20 listings for the first week of the year is encouraging to the buyers who have been waiting for listings. The tough part is a lot of these listings are still holding off offers, showing that the power still lies with the sellers.

It looks like multiple offers have found their way to carry forward into 2021. Sure, there were only 5 last week, but 5 of 13 total sales is that consistent % that we have seen. Historically, we find that buyers find deals in the first few weeks of January but this year I think the deals will be few and far between. Buyers are still sitting around and ready to pounce on anything that is good value.

I took a quick look at the first week of 2020 vs the first week of 2021 for # of sales, and sure there isn’t a big sample size but we are double what we were last year at this time. This just shows that the pent-up demand still is alive and well in the marketplace.

Tristan and I made our 3 big bold predictions each as part of one of my favourite podcasts we filmed over the break; click this link here to read it for yourself. My predictions for 2021 were by the end of the year we could hit a 400k average price point, the condo market would gain traction in Sudbury and lastly that the generation following Millenials (Gen Z - age 8-23) will play a big role in shaping the future of Sudbury's Real Estate market. Take a listen to the podcast that we did and I think you will see my rationale as to why these buyers will be the next push to lead our real estate marketplace into 2030 and beyond!

I hope you guys had the best holiday possible. I know it was different with family members restricted and virtual visits over zoom. For myself it was truly unbelievable, I felt relaxed calm and was able to take some time to enjoy the family time. Living on the lake, we were able to have the backyard rink set up; and it seems like every lake in Sudbury has a skating path set up with multiple rinks, it is truly amazing to see Sudburians enjoying the outdoors.

Wishing you all the best in the coming year and we’ll chat next week!

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