Welcome back to another episode of Selling the Rock, your local real estate podcast!
🏡We have seen it with a few listings on our team in the last few weeks, where we have held off for offer dates and no offers come forward. With the massive increase in listings we have seen over the last few weeks (going from 110 to 188 total listings available) the buyers remain very picky and selective with the thought that there will be more homes available next week.
📈Sales dropped a bit over last week (from 77 to 72) while listing increased slightly (from 82 to 85). This is a continuation of listings outpacing sales, which means more listings available on the market. This week, the jump was marginal (from 186 total listings to 188) but none the less that number is still increasing.
🌟This week we saw 2 different examples of the waterfront dream home and the demand that can come with buyers who are sitting on the fence waiting for a dream property. In the first case, it was a bank repo on the lake in the Southend. It was a truly spectacular listing that just was lacking some finishing touches. Sitting on over an acre with a couple hundred feet of waterfront, and 2000 sqft+ all brick bungalow, it was listed for the high 700’s and went just under 1.2M. The second one was a beautifully redone house on the river just East of Sudbury. The listing was so busy from a demand standpoint that they had to change agents' showings to 15-minute time blocks (yes we drove 40min to get a 15 min showing). That one was again listed in the high 700’s and went for just under $1.05M. Clearly, people are willing to spend their COVID savings on enjoying their home in lieu of spending on travel and concerts.
💸With the 2 big sales above in the last week, there was an increase in the multiple offers over the dip we experienced last week. Last week, 39 of the 77 sales were in bidding wars and this week 57 of the 72 sales were in competition. The point to highlight is that it is abnormal to see a massive $ over listing price as the example above, most of the sales that are happening are at listing price or slightly above.
🧐I like to end with a reflection, where does the market go from here?We chatted about this on our team call this morning and I believe we will continue to see more supply of listings and buyers still jumping on places they are in love with and waiting on places that they may only be ‘in like’ with. I think that we will see flatline prices for the next short-medium term range; not that prices are going to decrease, but clearly, there are some people who are paying a premium over where the value is today to get the space they truly want. I think it will continue to get better for buyers in our local marketplace; we have even seen some of our listings get accepted with a home inspection and financing conditions. We even saw an offer accepted with the condition of selling someone's home this week!
We are only a few short weeks away until the May 24 weekend; which in the North is unofficially the start of summer. I have been running a 100-day countdown on Instagram Reels showcasing 100 tips to get your house ready for the market; if you find yourself in that scenario, take a peek on insta and let me know what you think!
👉 Subscribe to our Youtube channel
👉 Follow us on Instagram
👉 Keep up with us on Facebook
🎙 Support our podcast Selling the Rock - like, share, comment or leave a review!