REAL ESTATE BY THE NUMBERS!
Here’s a quick re-cap of the housing market in Greater Sudbury, for the period ending May 31, 2017
I’d describe the market as lukewarm, not too hot yet not too cold!
In May, there were 330 sales compared to 314 last May, an increase of 4.8%. Year-to-date we’ve seen 1024 sales vrs. 992 last year (+3.12%). Inventory across the city is slightly down with 3% less homes for sale than last year. The fastest moving market in Greater Sudbury is $200-260,000 which represented 58 sales. The average sale price this year is $266,571 compared to $257,428. 49% of homes listed this year have sold (1 out of 2 homes).
MONTHS OF INVENTORY! This metric tells us how long it would take the listed properties to sell for a given time period, based on the number of sales made during that period. A buyer’s market is one in which there are more than 6 months of inventory.
New Sudbury had 76 acticve listings and 33 home sold in the month of May. Currently New Sudbury is a seller’s market with approx 2.3 months of inventory. The average sale price in New Sudbury is $268,724 down from $272,147. 58% of homes listed have sold in New Sudbury
Minnow Lake had 77 active listings and 21 homes sold. It is slightly in a seller’s market with less than 4 months of inventory. The average sale price is significantly higher; $290,211 vrs. $257,213.00 last year. Currently 51% of homes listed in that area have sold.
West End – (Flour Mill, Donovan, West End, Hospital Area, Gatchell) experienced 27 sales last month with 123 active listings. A balanced market at best with a little over 4 months of inventory. The average sell price in this area is $224,796 up from $213,453. 45% of homes listed in the West End have sold this year.
South End (Lockerby, Lo-Ellen, Laurentian area) experienced 28 sales and has 90 active listings. That area of the city is currently in a seller’s market. The average sale price of a home in the South End is up $408,416 vrs. $394,561. A little over half the homes listed have sold.
Valley East (Hanmer, Val Caron, Val Therese, Blezard) had 154 actives and 33 solds in the month of May and is currently in a balanced market, with a little over 4 months of inventory. The average sale price in the valley is slightly on the decline, $266,271 compared to $275,332 last year. 48% of homes listed in the Valley have sold.
Rayside-Balfour (Chelmsford, Azilda) had 19 homes sold in the month of May with 93 active homes for sale. It’s also a balanced market with approx. 4.8 months of inventory. The average sale price in Rayside has slightly decreased fom $264,885 compared to $261,480 this year. 54% of homes listed have sold in this market.
Onaping-Falls (Dowling, Onaping, Levack) had 5 solds and 40 active listings, clearly a buyer’s market with supply outweighing demand. The average sale price of a home in Onaping has risen to $184,715 vrs. $150,627) (this is a result of a waterfront sell in excess of $550,000.00). Only 30% of homes listed in Onaping-Falls have sold!
Walden (Lively, Naughton, Whitefish) has seen 13 sales in May with 46 active listings. It is a sellers market with less than 4 months of inventory.
Capreol is the market that represents the most opportunities for buyer’s to capitalize on the over-supply of inventory. In May, there were only 3 sales and 33 active listings of single family homes. At that rate, it would take nearly 11 months to deplete the current inventory of homes for sale.
Nickel City (Coniston, Wahnapitae, Falconbridge, Garson) had 23 single family homes sell in May and 77 active listings. With less than 4 months of inventory, that area of the city is somewhat in a sellers market.
In order to successfully attract as many potential buyers, it is crucial that your home presents itself well. If a room requires paint, go ahead and paint. If a carpet is torn or flooring needs to be replaced, by all means, replace. Pricing is also an important factor. If your home is currently listed for sale and not getting much activity or worst yet, plenty of activity without offers, you may need to reconsider your pricing strategy. No amount of marketing can sell an overpriced listing! The market isn’t always kind but it’s brutally honest. A price reduction or a good spruce up might generate additional interest.
If you’ve been trying to sell without success, please don’t blame your realtor. Real estate is all about timing. Sometimes you just have to wait for the right buyer to come along!
Happy buying and selling!