5 Bullet Friday...A Rush of New Buyers ??

Welcome back Sudbury! ??

Take a peak at the numbers from the last few weeks!

Here are my 5 takeaways this week:

??The numbers in the last few weeks have been anything but consistent.?We saw sales drop to 25 last week and then rebound to 43 this week, conditional deals shot up from 14 to 28 and then back to 17 this week. New listings were in the 20’s a few weeks ago and now have climbed into the 40’s, bringing the total listings available back into the mid 250’s. One explanation could be that it was slower in early November, where we saw a lot more offers conditional on inspections or even buyers selling their house, that shifted to firm deals in the last week.?Ultimately we see a marketplace that has new listings actually getting stronger, and sales seeming to match new listings. ??

??We are giving clients similar advice to what we see unfolding in the stats above.?For a few listings that we are prepping in the office right now, we are advising sellers to try to get their home on the market now if they want to make a push before Christmas.?We need to sign minimum 2 month contracts to get the listing populated on MLS, but we are advising the sellers that if it's still on the market come mid-December, we're going to pull it off for the holidays, and likely until Feb/March, when we see the seasonal slowdown start to pass in the market. ?

??Anecdotally, we are hearing form a lot of our agents this week that they are having a massive increase in the number of buyers who are reaching out to them to get ready to buy in the next short-while.?Likely this will ultimately be in the spring/pre-spring market of 2025, but it's interesting to see such a peak in buyers getting into the market.?My guess is it could be tied to buyers seeing that interest rates have likely gone as low as they will go in the immediate future, with long term rates actually increasing. This may be motivation to get buyers locking in rates and some incentive to jump into the market.?This also could be as a lot of buyers and agents are predicting a crazy spring market next year, they are trying to get ahead of the hunt and activity to try to find what may be a good deal before that spring rush in 2025.

outside-the-box thinking that Dario has in Sudbury.?This week, the old water tower was repurposed into the ‘largest goal light in the world’ and is set to light up whenever the Wolves find the back of the net during one of their OHL games. When it's not being used as a goal light, it will also feature light shows synchronized to music.?They are trying to promote it as “Belagio Fountain show in Vegas for the North.” I think fun ideas like this are awesome to see for the community. I look forward to the water tower brigthening the cold dark winter sky in the near future.?

??Monday, November 25th is the date that the planning committee will officially look to make a decision on the old hospital approval for 530 residential units over 3 phases of development for Panoramic Properties.?This was one of Mayor Lefebvre’s priorities that the Old Hospital is moved forward during his tenure, and with Monday’s meeting planned, this looks like it could set the table for next steps to seeing Canada's Largest Mural - which has turned into a vandalized eyesore for a lot of locals - torn down and developed moving forward.?There was a previous meeting in April, which since then, the city has approved 1.7 Million in funding to proceed with tearing down this location as well as the down own Scotia Tower repurposing (both for Panoramic Properties).?Ultimately it will be nice to see this project move on to the next stage as Sudbury could use the extra housing, but also it will be nice to have the dilapidated building finally be dealt with. ?

Have a great week Sudbury, we’ll see you next week!