We had another strong month for sales in the community with 14 completed transactions which is also the most sales in a calendar month in the past half year…promising news overall. The inventory continues to creep up but only slightly with 65 current listings compared to 59 last month which works out to 6.29 months of available inventory, a number that still leaves us in buyer’s market territory despite the increase in sales.
We made one deletion when calculating the Days on Market (DOM) numbers for the sold properties by removing one apartment sale that spent a whopping 417 days on the MLS as it drastically skewed the apartment DOM from the 50.33 posted to 142 days, which is not indicative of the current market conditions. The overall DOM numbers dropped slightly with the high listing removed coming in at 38.46 days compared to 45.89 in March.
When looking at Calgary as a whole we continue to see positive signs with higher year over year sales numbers accompanied by lower new listing numbers, a trend that we hope continues as we work towards more balanced market conditions.
While we are on the road to stabilization, sellers must continue to be extremely competitive and very realistic with both list prices and expected final sale prices and on the buyer side of the ledger excellent value opportunities still exist.
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 and 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.