November was another solid sales month in the community with 11 completed transactions which is just below the average monthly total over the past 6 months. The biggest part of the story continues to be the level of inventory that keeps slipping and is currently sitting at 23 active listings across all categories and has pushed the community further into seller’s market territory with just under 1.8 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 a bit closer at the activity, the overall Days On Market (DOM) numbers took a drastic upswing from 35.2 days to 94.7 days largely due to the fact that we saw 2 long lingering listings that took 327 and 274 respectively, finally sell. The DOM in the detached home category was 82.5 days, the lone row house took 94 days and the 2 apartment transactions sold in an average of 194 days and were on complete opposite ends of the spectrum with one sale taking 14 days and the other 274 days.
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 Royal Oak 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.