November marked the beginning of the official ‘slow season’ for real estate activity in Lake Bonavista as we saw the lowest sales number in the past 8 months with just 10 completed transactions. This mimics the activity we saw a year ago as there were 11 total sales in November of 2018 and virtually the same property breakdown as well with 8 detached home and 2 apartment ends last month compared to 8 detached home and 3 apartment sales last year.
The Days on Market (DOM) for the entire group remained close to what we saw last month coming in at 76.8 days however it was also somewhat artificially inflated by a single property that spent 285 days on the market this year. When this one lingering listing is removed from the statistical group the DOM drops to 54.7 days which is a number that is far more indicative of the current market conditions.
One interesting takeaway from the November numbers is the sale to list price ratio of the 5 detached homes between $495K and $830K as they fared rather well with 4 sales settling out between 0.8%-2.0% below list price and 1 property selling for 4% ($30,000) above list price.
Heading into to the holiday season and the grip of winter we expect to see a continuation of lower sales numbers however combined with lower inventory numbers the market appears to be set up nicely for a strong start to 2020.
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.