We had another solid month of sales in the community with 9 completed transactions, which continues a rather consistent streak of activity and marks the 4th time in the past 6 months that 9 sales have been registered.
The biggest difference this month is the level of inventory that continues to plummet and is currently sitting at 16 active listings across all categories which has pushed the community further into seller’s market territory with just under 2 months of available inventory.
A portion of this reduction is seasonal as traditionally many sellers take their properties off the market over the holidays and then re-list in January, however this year we have a higher number of withdrawals and terminations as well a number of potential sellers who have chosen not to enter the market at all given the pandemic and the current restrictions in place. This has created some very tight conditions and represents a full 180-degree turnaround from what the market was doing during the first wave of COVID this past spring.
Looking closer at the activity, all of the sales were in the detached single family home category and we saw the actual average Days On Market (DOM) drop precipitously from 114.8 days to just 45.0 days due in large part to the fact that 5 of the 9 sales firmed up in 17 days or less.
Switching to the overall Calgary market we saw stronger activity continue with 1,437 sales which was 25% higher year-over-year and again marked the highest level of November activity since the peak in 2014. Many communities and categories are still experiencing inventory shortages and Lakeview is no exception as mentioned above, these conditions have made this an excellent time to get your property and information organized for a post-holiday launch if you are looking to list and sell your home in early 2021.
We are still in the midst of the new COVID restrictions however showings are still taking place and instead of visiting with friends and family over the break, individuals looking for a new home appear to be spending far more time on their searches and viewing properties.
This entire year has been anything but normal and we are always here to provide you with the information you need, so please don’t hesitate to reach out to us with any real estate questions you may have.
We look forward to hearing from you.