We had yet another busy month in October with 21 sales, marking the fourth time in the past 6 months with 20 or more completed transactions. This past month’s total is also a dramatic 83% improvement over the 12 sales in Lake Bonavista in October 2019.
The relatively low number of active listings in the community continues to be the big headline here as there is currently less than 2 months of available inventory on the market which puts things firmly into seller’s market territory.
The overall actual Days On Market (DOM) numbers dropped from 51.4 days to 31.7 days, of note we did exclude one listing from the statistical summary that spent just under a full year on the market as it skewed the numbers higher and is not indicative of the current market conditions. The DOM for detached single family homes was 29.8 days while the DOM for the apartment condominium category came in at 42.0 days, it is again worth noting that 8 of the 21 sales were completed in 16 days or less.
The current number of active listings remained static at 36 which is still relatively low for the community, this is in step with seasonal trends as we enter the colder months however it has been further dampened by the rise in COVID cases as some sellers are simply not comfortable having their homes on the market at this time. The current Months Of Inventory (MOI) continues to fall further into a seller’s market, coming in at just 1.9 months based on the rolling sales average from the past half year.
Switching to the overall Calgary statistics we saw a continuation of the recent trend from the past few months with very healthy numbers as there were 1,764 sales which was 23% higher year-over-year and marked the strongest October total since the peak of the market back in 2014. Many communities in Calgary are experiencing relative inventory shortages right now and Lake Bonavista is no exception with just under 2 months of available inventory as noted, there is still healthy buyer demand out there so if you are looking to sell your property now may be a good time to consider it.
The recent drastic rise in COVID cases in the city and the province has definitely affected the real estate market but not in the same way we saw things play out this spring when everything was shut down as we continue to see higher than normal showing activity and the increased sales numbers to go along with it.
As always, we’re here as a trusted professional resource and are more than happy to assist you with your real estate needs whether you are selling or buying and to answer any questions you may have, so please don’t hesitate to reach out to us.
We look forward to hearing from you soon.