Weekly Wrap Up...Will June's Momentum Shift Into July?

Sudbury Real Estate Weekly Wrap Up

Welcome back to another episode of Selling the Rock! David Kurt here on the mic today reflecting on the week and amazing Canada Day spent with the family at the lake; and the thing at the top of my mind is… it is sooo hot. I’m never one to hate on the heat, and I’ll never ask for colder weather, especially after long winters we have in the North, but its times like this that I prefer to be hanging by a pool or the lake over going into work, and I had the realization that a lot of buyers may be feeling the same way. With the craziest June the Sudbury real estate market place has ever seen coming to an end, it's interesting to see if the momentum will continue and shift into July, and our Summer season. 

The # of sales this week are down pretty significantly over the last week, which is a very interesting stat to watch. Now I’m not sure if that's real or with the holidays and heatwave over the last week, maybe the buyers have temporarily pushed pause on things for the last week. Despite sales being down, there were still more sales than new listings, the number one stat I try to keep an eye on week to week; which means that as of today a buyer has fewer homes to choose from on the market then they did last week. In a marketplace that buyers are starving for listings, that's clearly not a good sign. 

The number of new listings was down over last week, in fact, we are at the lowest number of new listings for the last 6 weeks. Maybe the spring rush of sellers waiting on the sidelines, or for COVID to normalize has come and gone, or perhaps the buyers who were shopping with the thought of selling their home are realizing the difficulty of buying a home in this marketplace (especially when they have a house to sell), and are opting to hold off for the time being. With sales slowing down that’s one part of the equation to shifting out of the craziness of the current marketplace, but we need to have more listings then we are currently seeing to replenish the selection in the market. 

There was a beautiful home that hit the market today on Maki for 1.6M; and I started to think about the prices we’ve seen in Sudbury over the past year. I did a quick search and there are currently 16 homes over 1M in the Sudbury marketplace alone (Manitoulin and the French River would add a bunch more to this as well if I included these in the stats). Next, I pulled up the sales and there are 5 sales in the last year for homes over 1M. The biggest shocker is that only 3/5 of them are waterfront; 2 of them are just nice homes in the Southend. On one hand, it feels crazy that there were 21 total homes over a million bucks in Sudbury; on another hand only 5 sales in the last year makes me think that even though there are a lot of homes asking prices over 1M the number of buyers in Sudbury that match the listings just may not be there at least in our current marketplace. 

It may be an abnormal week with the heat-spell we’ve been under in Sudbury and the mid-week Canada Day kinda-holiday. I feel like my phone hasn’t been as busy this week with clients reaching out to inquire or see new places; and that was definitely reflected in the stats. This may be an off week so reflecting back on it we may have to put an asterisk next to the numbers.

 I don’t want to be one to point out the obvious, but it is crazy hot in Sudbury right now.  The current heatwave we are going thru has brought me to the realization that maybe we don’t need ‘holidays’ and vacations to shift out of the current market place as I’ve highlighted in the last few blog posts.  It is very difficult to be ambitious to go to work when all you want to do is be at a beach, pool or lakeside.  Perhaps this heat spell will be what's required to shift buyers away from the house lust they have been infatuated with; and that will shift the marketplace into a normal pace. Hope you are enjoying this heat-wave in whatever way you can! Tune in next week!