Life is returning to some semblance of normal in our everyday lives and things have also started to return to ‘normal’ in the real estate industry and the May community sales statistics are further evidence of this.


We saw 11 completed transactions in Lake Bonavista last month which is up slightly from 9 in April but still well below the 18 sales registered in May of 2019.  This month was interesting as all of the transactions were detached single family homes and marks the first time we have had a month with no condominium sales in the past year and a half.


The days on market numbers increased as well with almost half of the listings taking more than 100 days to sell coming in at 86.9 days for the month while the current active inventory and months of available inventory both dropped slightly to 50 and 5.9 respectively.


Looking at the market as a whole many buyers have come back to the table after the drastic slowdown triggered by the onset of COVID-19 as the showing activity numbers surpassed the 2019 levels last week for the first time since mid-March…this is most definitely welcome news.


Sales activity is however still well below normal levels and low oil prices and a slow economic recovery are lingering but there is hope that the pent up demand for those buyers and sellers who put the brakes on their plans during the height of the pandemic will continue to re-enter the fray and help bolster the market.


As always, we will continue to monitor the market and the phased re-opening of the Alberta economy and keep you updated going forward.


We are here for you and all our clients and contacts and are more than happy to answer all of your real estate questions and concerns so please do not hesitate to reach out to us with any questions you may have.


We look forward to hearing from you soon.


www.mylakebonavista.net

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As you can likely imagine, real estate continued to limp along last month mired in the economic slowdown and slump that is COVID-19. The sales numbers for April are in, which was the first ‘full month’ that physical distancing measures were in place, and across Calgary we saw a 63% drop from the same period last year with only 573 completed transactions.


Looking at Lake Bonavista specifically sales fared much better than average and were down just under 36% compared to April of last year as there were 9 completed transactions, 7 detached single-family homes and 2 apartment condominiums. The actual days on market numbers were higher however as they settled out at 76.1 for the month compared to just 38.5 last April.


Despite all the low sales numbers and gloomy details there is one very important statistic that has shown substantial improvement recently and that is the number of showings being booked by prospective buyers.



Looking at the chart you can see that this weekend marked the first time since the beginning of the pandemic that the showing activity has risen past the benchmark ‘first week of the year’ activity level.  We feel this is a very important achievement that will hopefully mark the beginning of the real estate activity recovery and an upward trend that will continue moving into the phased re-opening of the Alberta economy, of course barring any major setback.


We will continue to monitor the situation as it develops and keep you updated, there are parallels to other slowdowns and recessions in recent history but nothing close to the scale and effect that COVID-19 has had so we are taking things as they come.


We are always here for you and all our clients and contacts as we navigate through this pandemic together, whether it’s real estate related information or otherwise so please do not hesitate to reach out to us with any questions you may have.


Stay healthy, stay informed and stay grounded.


www.mylakebonavista.net

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What a Difference a Month Makes...


It’s hard to believe how much things have changed in just a month but the market and really the entire world has shifted dramatically since our last update with the emergence of the pandemic that is COVID-19.


First and foremost, we hope you are doing well and staying safe and healthy as we go through this extremely challenging time.


Switching over to the numbers from this past month, they are of course low with just 4 completed sales and taking into account the unprecedented times we’re in, it is a bit like comparing apples to oranges when we look at the numbers from the same time last year, even though there were only 9 sales last March.


Of the transactions completed, 3 were detached single family homes and 4 were apartment sales with 3 occurring in the Lake Bonavista Estates complex and 1 in the Gateway South Centre building.  The days on market numbers remained similar to what we saw last month and last year at this time coming in at 43.7 days.


Taking a step back and looking at the market as a whole, March actually started off rather well showing marked gains year over year however as the pandemic rose and social distancing measures took effect, activity dropped sharply across the board.  Sales fell by 11 percent compared to last year, which was also 37 per cent lower than long-term averages and pushed the totals for the month to the lowest recorded level since 1995.


The inventory level is also much lower across the City as many sellers have decided to terminate or temporarily withdraw their listings until things improve and we likely won’t see levels recover until things improve and social distancing measures are scaled back.


Given the progression of COVID-19 we expect the April numbers and activity to potentially be even slower as the March totals were buoyed by the first 2 positive weeks of the month.


We will continue to monitor the situation as it develops and keep you updated, there are parallels to other slowdowns and recessions in recent history but nothing close to the scale and effect that COVID-19 has had so we are taking things day-by-day.


We are always here for you and all our clients and contacts as we navigate through this pandemic together, whether it’s real estate related information or otherwise so please do not hesitate to reach out to us with any questions you may have.


Stay healthy, stay informed and stay grounded.


www.mylakebonavista.net

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The statistics for February have improved over last month as far as the number of sales are concerned however a higher level of active inventory came along with it compared to the same time last year.


There were 9 completed transactions in the leap month, 9 detached homes and 2 apartment condominiums which is slightly higher than the 9 total sales registered last February.  As mentioned, the level of unsold inventory is also up just under 20% to 57 active listings compared to 48 in 2019.


The average actual Days on Market (DOM) numbers for the community were down substantially from January’s total as only 2 of the sold listings spent more than 100 days on the market and 7 sales were completed in 14 days or less; further evidence that the properties that are in the best condition AND are the best-priced homes sell rather quickly.


Looking further into 2020 it is difficult to tell how the market will play out with positive factors like a drastic cut to interest rates and loosening of mortgage stress test rules battling against the negativity with the Coronavirus COVID-19 outbreak and the tanking of world oil prices as a result of the escalating price war between Russia and Saudi Arabia.


If you are thinking of making a move or if you would simply like a complimentary professional comparative market evaluation on your current property, please let us know.


For a closer look at all of the active listings in Lake Bonavista please click on the link below.


www.mylakebonavista.net

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The numbers are in for January and despite a stronger start to the year across the City as a whole we saw a decreased number of sales in Lake Bonavista compared to the same time last year.


There were 7 completed transactions in January, 6 detached homes and 1 apartment condominium which is down roughly 40% from the 12 sales in January of 2019, this is due largely to the fact that the majority of the sales activity in Calgary is occurring under the $500K mark.  This is further illustrated by the lowest sale this past month which was a detached home listed at $475K that sold well over list price.


The Days on Market (DOM) for the entire group are a bit all over the map once again as they are skewed upward by the two higher priced detached home sales that took 299 and 216 days respectively to sell.  With these comparables removed from the mix the DOM is a much lower 13.8 days which is on the other end of the spectrum and not necessarily market indicative with 46 properties currently active; 29 detached homes and 17 apartment condominiums.


Looking ahead we anticipate the sales numbers will increase as they generally do with the arrival of warmer weather…so anywhere between now and May!


Let us know if you are thinking of making a move or if you would simply like to know the current market value of your home, we would be happy to complete a complimentary professional property evaluation.


For a closer look at all of the active inventory in Lake Bonavista please click on the link below.


www.mylakebonavista.net

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