The statistics for February have improved over last month as far as the number of sales are concerned however a higher level of active inventory came along with it compared to the same time last year.
There were 9 completed transactions in the leap month, 9 detached homes and 2 apartment condominiums which is slightly higher than the 9 total sales registered last February. As mentioned, the level of unsold inventory is also up just under 20% to 57 active listings compared to 48 in 2019.
The average actual Days on Market (DOM) numbers for the community were down substantially from January’s total as only 2 of the sold listings spent more than 100 days on the market and 7 sales were completed in 14 days or less; further evidence that the properties that are in the best condition AND are the best-priced homes sell rather quickly.
Looking further into 2020 it is difficult to tell how the market will play out with positive factors like a drastic cut to interest rates and loosening of mortgage stress test rules battling against the negativity with the Coronavirus COVID-19 outbreak and the tanking of world oil prices as a result of the escalating price war between Russia and Saudi Arabia.
If you are thinking of making a move or if you would simply like a complimentary professional comparative market evaluation on your current property, please let us know.
For a closer look at all of the active listings in Lake Bonavista please click on the link below.