We saw another solid month of sales activity in Lakeview last month with 9 completed transactions matching June’s numbers as the highest monthly total to-date in 2020 and just 1 shy of the 10 sales registered in September of 2019.
The activity was concentrated in the detached single-family home category with 7 sales, the final 2 transactions were rowhouse condominiums in the Lakeview Green I & II complexes. The overall actual Days On Market (DOM) numbers increased with a number of lingering properties selling that pushed the averages higher, the DOM for detached single-family homes was 104.0 days up from 70.6 last month while the DOM for the 2 rowhouse properties came in at 46.5 days; there were no rowhouse sales in the community last month.
The current number of active listings once again remained almost static at 28 as did the Months of Inventory (MOI) that came in at 4.4 months compared to 4.2 months in August, based on the rolling sales average from the past half year. A factor to keep in mind with the rolling average is that we have passed what is traditionally the busiest part of the year as far as sales are concerned so the current MOI will likely climb moving forward.
Switching to the overall Calgary market we saw a continuation of the same recent trend with very healthy post-COVID lockdown resiliency as there were 1,702 sales last month which was almost 25% higher year-over-year and marked the strongest September total since 2014.
The real estate recovery after the COVID lockdown is still at very different stages depending on the price range and property type, however overall it has been faster and stretched out longer than expected. This activity is being fuelled by many factors including historically low interest rates, a dramatic increase in personal savings by individuals not negatively affected by the pandemic and a relative lack of inventory in many categories.
The outlook moving forward is quite difficult to determine at this point and forecasts from pundits and experts are truly all over the map. Only time will tell what the full ramifications of COVID will be, if a second wave leads to further shutdowns that will affect the market and if these higher sales numbers are the tail end of the pent-up demand or if this is the beginning of some longer term improvement.
As always, we’re here as a professional resource for all our clients and contacts and are more than happy to answer any real estate questions so please don’t hesitate to reach out to us.
We look forward to hearing from you soon.