We had a stellar end to the ‘official’ summer market in August and had the highest number of completed transactions in the past year with 22, consisting of 18 single family home sales and 4 apartment condominium sales.
There were a number of properties that had lingered on the market for months and months that finally sold which increased the monthly Days On Market (DOM) numbers, these were largely in the higher price bracket while the majority of the more affordable homes under the $600K mark sold rather quickly
The large number of sales also took a good bite out of the active inventory which is sitting at 48 down from 60 last month which has also translated into a reduction in the months of available inventory number which is currently at just 2.91 months based on the running 6 month community sales average. One note to keep in mind however is that we have passed what are traditionally the busiest months of the year so with the exception of an anticipated solid September and October, the sales numbers will begin to fall when the white fluffy stuff arrives.
The slow and steady mantra continues to hold true across the city with higher sales numbers and lower new listings, however there is a distinct market split as most of the improvement is for homes priced under the $500k mark.
There are a lot of moving pieces that make up the health of the real estate market and the economy in general and if we continue on the track we’re on the market should continue to move closer to balanced conditions.
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.