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 as the May community sales statistics are finally headed in the right direction, albeit very slowly.
We saw 4 completed transactions in Lakeview last month which is up just slightly from 3 in April but still well below the 10 sales registered in May of 2019. The range of sales was certainly all over the map with 2 sales in the Lakeview Green I complex that were over $100K apart and 2 detached single family home sales, one in the high $400K’s and the other just over $2M.
The days on market numbers increased just slightly to 102.8 days overall but they were again skewed higher by the $2M Lakeview Village sale that not only took almost 300 days to sell this time but has been on and off the market for the past 3 years.
The current level of available inventory inched slightly lower with 23 currently active listings and the months of available inventory nudged just higher increasing from 4.4 in April to 4.6 months in May.
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.