We had another solid month of sales activity in Dalhousie last month with 11 completed transactions, good enough for the second highest monthly total to-date in 2020 and right on par with the number of sales registered in September of 2019.
The activity was spread fairly evenly across all property categories with 4 detached single-family home sales, 3 semi-detached duplexes, 2 row house condominium transactions in the Tudor Mews complex and 2 apartment condominiums in the Vista View building. The overall Days On Market (DOM) numbers dropped rather precipitously falling to 58.5 days down from 89.2 last month, the DOM for the detached category was 18.0 days, semi-detached duplex was 54.3 days, rowhouse came in at 35.0 days and the apartment category was the highest of the group at 169.0 days.
The current number of active listings also fell from 29 to 22 properties which is to be expected as we enter into the latter portion of 2020 and the Months Of Inventory (MOI) improved from 4.3 months in August to 2.8 months in September, based on the rolling sales average from the past half year. The 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.