Life is returning to some semblance of normal in our everyday lives and things have also started to return to ‘normal’ in the real estate industry as the May community sales statistics are finally headed in the right direction, albeit very slowly.

We saw 4 completed transactions in Lakeview last month which is up just slightly from 3 in April but still well below the 10 sales registered in May of 2019.  The range of sales was certainly all over the map with 2 sales in the Lakeview Green I complex that were over $100K apart and 2 detached single family home sales, one in the high $400K’s and the other just over $2M.

The days on market numbers increased just slightly to 102.8 days overall but they were again skewed higher by the $2M Lakeview Village sale that not only took almost 300 days to sell this time but has been on and off the market for the past 3 years.

The current level of available inventory inched slightly lower with 23 currently active listings and the months of available inventory nudged just higher increasing from 4.4 in April to 4.6 months in May.

Looking at the market as a whole many buyers have come back to the table after the drastic slowdown triggered by the onset of COVID-19 as the showing activity numbers surpassed the 2019 levels last week for the first time since mid-March…this is most definitely welcome news.

Sales activity is however still well below normal levels and low oil prices and a slow economic recovery are lingering but there is hope that the pent up demand for those buyers and sellers who put the brakes on their plans during the height of the pandemic will continue to re-enter the fray and help bolster the market.

As always, we will continue to monitor the market and the phased re-opening of the Alberta economy and keep you updated going forward.

We are here for you and all our clients and contacts and are more than happy to answer all of your real estate questions and concerns so please do not hesitate to reach out to us with any questions you may have.

We look forward to hearing from you soon.

www.mylakeview.net

As you can likely imagine, real estate continued to limp along last month mired in the economic slowdown and slump that is COVID-19. The sales numbers for April are in, which was the first ‘full month’ that physical distancing measures were in place, and across Calgary we saw a 63% drop from the same period last year with only 573 completed transactions.

Looking at Lakeview specifically sales took an even steeper hit with an 80% decrease from April of last year as there were just 3 completed transactions; 1 detached single-family home and 2 row house condominiums.  The actual days on market numbers were skewed by the small sample group and came in at a bloated 104 days as the properties spent 14, 60 and 238 days on the market respectively.

Despite all the low sales numbers and gloomy details there is one very important statistic that has shown substantial improvement recently and that is the number of showings being booked by prospective buyers.

Looking at the chart you can see that this weekend marked the first time since the beginning of the pandemic that the showing activity has risen past the benchmark ‘first week of the year’ activity level.  We feel this is a very important achievement that will hopefully mark the beginning of the real estate activity recovery and an upward trend that will continue moving into the phased re-opening of the Alberta economy, of course barring any major setback.

We will continue to monitor the situation as it develops and keep you updated, there are parallels to other slowdowns and recessions in recent history but nothing close to the scale and effect that COVID-19 has had so we are taking things as they come.

We are always here for you and all our clients and contacts as we navigate through this pandemic together, whether it’s real estate related information or otherwise so please do not hesitate to reach out to us with any questions you may have.

Stay healthy, stay informed and stay grounded.

www.mylakeview.net