October marked another strong month of sales in the community with 9 completed transactions, once again matching the September and June numbers as the highest monthly totals to-date in 2020 and 1 higher than the 8 sales registered last October.
The activity was again concentrated in the detached single-family home category as it usually is in the community with 8 sales and the other transaction was a row house condominium in Lakeview Green I. The overall actual Days On Market (DOM) numbers increased again to a lofty 114.8 days for the month which was skewed higher by 4 sold listings that spent over 140 days on the market; the DOM for detached single-family homes was 121.4 days while the DOM for the lone row house sale was 62.0 days.
The number of active listings remained static at 28, 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 Months Of Inventory (MOI) did improve slightly from 4.4 months to 3.8 months currently 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 however Lakeview is not among them as the conditions are rather balanced if not just slightly favouring buyers considering the amount of available inventory currently listed.
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.
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