Life is returning to some semblance of normal in our everyday lives and things have also started to return to ‘normal’ in the real estate industry and the May community sales statistics are further evidence of this.
We saw 11 completed transactions in Lake Bonavista last month which is up slightly from 9 in April but still well below the 18 sales registered in May of 2019. This month was interesting as all of the transactions were detached single family homes and marks the first time we have had a month with no condominium sales in the past year and a half.
The days on market numbers increased as well with almost half of the listings taking more than 100 days to sell coming in at 86.9 days for the month while the current active inventory and months of available inventory both dropped slightly to 50 and 5.9 respectively.
Looking at the market as a whole many buyers have come back to the table after the drastic slowdown triggered by the onset of COVID-19 as the showing activity numbers surpassed the 2019 levels last week for the first time since mid-March…this is most definitely welcome news.
Sales activity is however still well below normal levels and low oil prices and a slow economic recovery are lingering but there is hope that the pent up demand for those buyers and sellers who put the brakes on their plans during the height of the pandemic will continue to re-enter the fray and help bolster the market.
As always, we will continue to monitor the market and the phased re-opening of the Alberta economy and keep you updated going forward.
We are here for you and all our clients and contacts and are more than happy to answer all of your real estate questions and concerns so please do not hesitate to reach out to us with any questions you may have.
We look forward to hearing from you soon.