We saw another marked decrease in activity over the past month which was entirely expected as this is usually the script over the Christmas season. There were 6 total sales in the community in December, 5 detached home sales and 1 apartment condominium sale which is almost identical to what we saw in December 2018 with 7 total sales (5 detached homes and 2 apartments).
The Days on Market (DOM) for the entire group are a bit mis-leading once again as they are skewed higher by one detached property that took 277 days to sell and ended up reducing their list price by $100,000. With this property removed from the statistical breakdown the DOM is a much healthier 30.2 days which is in our opinion far more indicative of the current market conditions within the neighbourhood.
heading into 2020 most indicators point to a cautiously positive outlook that should lead to continued stabilization across many property categories and areas with some pundits even forecasting the possibility for slight growth…yes price growth in some sectors. This is welcome news for a market that has experienced steady downward pressure for the better part of the past 5 years.
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.
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