We saw a slight step back in July compared to what was a stellar June but still positive numbers overall. There were 17 completed transactions in the Stampede month with 11 detached home sales, which was down from 16 in June and 6 apartment condominium sales, up from just 3 the month before.
The number of active listings took a turn with 60 active properties on the MLS compared to 52 which based on the running sales average from the past half year works out to a slightly higher 4.19 months of available inventory.
The average Days on Market (DOM) numbers for the sold properties decreased which is nice to see coming in at 68.88 days for all sales although we still had a few sold properties spend over 100 days on the market, 1 detached home sale and 3 of the 6 apartment condominium sales. Looking at each category the detached single-family home DOM was 56.91 days and apartment condominiums came in under 100 days for the first time since April at 90.83 days.
Overall in Calgary we are still seeing numbers trend in the right direction compared to the same time last year with total MLS sales up by 6.4% for the month and the active inventory down by a fairly large margin at 17.3%. The oversupply has continued to slowly ease and is keeping a bit of a lid on price decreases however pricing levels are still just under 4% lower across all property categories compared to 2018.
I know we run the risk of sounding like a broken record (large round vinyl things with grooves that play music for anyone under 35) but despite some gradual improvement in the sales numbers year over year, sellers must continue to be extremely competitive and realistic with both list prices and expected final sale prices and on the buyer side, solid value opportunities are still plentiful.
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.