The sales numbers were down slightly from the flurry of activity we saw leading into the end of the year but this was due in large part to a relative lack of affordable available inventory rather than a slowdown in the market or a decrease in buyer demand. This shortage of properties remains at the forefront of the discussion as there are currently just 23 active listings across all categories which means Royal Oak is still in a seller’s market with only 1.7 months of available inventory.
The affordable single family home category has been the hardest hit as far as shortages are concerned and Royal Oak is no exception with just 3 detached homes under $550,000 currently on the market. This has created some very tight and competitive conditions in this range as buyer demand remains very strong due to a number of factors, most notably the historically low sub 2% interest rates being offered right now.
The luxury market in the community also mimics the conditions we see in many other areas as there is greater supply and overall a lower level of buyer demand compared to the more affordable range.
Looking a bit closer at the community numbers we saw the overall ‘actual’ average Days On Market (DOM) drop significantly with no apartment condominium sales during the month, falling from 94.7 days to 38.7 days. The totals for the individual properties ranged quite drastically from just 5 days on the low end to 113 days on the high end for the lone luxury row house listing.
Switching to the overall Calgary market, the story was much the same with 1,199 completed sales last month which is an incredible 40.1% higher year over year and marks the busiest December since 2007.
Given the state of the market at the moment this is an excellent time to list your home, if you are thinking of selling in 2021 don’t hesitate to reach out to us for a free comprehensive market evaluation on your property.
We look forward to hearing from you!