Coinciding with a slow and steady improvement with the year over year sales numbers for Calgary as a whole, we have also seen continued improvement in the Lake Bonavista numbers with 18 completed transactions compared to 14 in April. Detached home sales increased from 10 to 15 while apartment sales dropped just slightly from 4 last month to 3 in May.
The overall monthly Days on Market (DOM) number was higher this month which was once again strongly influenced by the high apartment DOM numbers…however the more important stat was the inventory level which inched lower and the current active inventory that dropped sharply from 6.29 months of supply to 5.39 based on the running 6 month average.
As mentioned, we saw an uptick for the second straight month in year over year transactions in Calgary with 1,937 this May compared to 1,733 in May of 2018. We have also seen the new listing numbers come down so hopefully the market stays on track and this marks the beginning of the long-awaited recovery.
We have a way to go to get back to balanced conditions so sellers must continue to be very realistic with pricing while excellent value is still out there for active buyers.
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.