We had another solid month of sales in October with 15 completed transactions which is 15% higher than what we saw last year over the same period and almost exactly in line with the average monthly community sales totals since early summer. The relatively low level of active listings in Royal Oak is the real story over the past few months and it has continued that way as there is currently less than 2 months of available inventory on the market which puts things firmly into seller’s market territory.
The breakdown of sales last month was 9 detached single family homes matching September’s total, 2 condominium row houses and 4 condominium apartments all in the Red Haus complex. The overall Days On Market (DOM) numbers remain healthy compared to the overall city averages coming in at 35.3 days, the DOM for detached sales was 28.4 days, row houses came in at 35.5 days and the apartment category was the highest of the group at 50.8 days.
The number of active listings is relatively low as indicated with 28 properties currently on the market, 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 current Months Of Inventory (MOI) continues to fall further into a seller’s market coming in at just 1.9 months 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 and Royal Oak is no exception with just 1.9 months of available inventory as noted, there is still healthy buyer demand out there so if you are looking to sell your property now may be a good time to consider it.
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.