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.

www.myroyaloak.ca

Despite a very chilly month of February that saw many buyers hibernate and stay home, the sales numbers remained relatively healthy to continue what has been a decent start to 2019.

The overall Days on Market (DOM) number crept higher last month, however it is primarily due to one apartment sale that had been listed for a total of 367 days, without this property in the mix the monthly DOM number would be a very respectable 59.13 days.  The inventory level also increased slightly since the beginning of the month with 48 listings currently on the market which works out to 5.05 months of available inventory based on the rolling 6 month community average.

The numbers in Lake Bonavista remain steady although not spectacular; we have seen a number of zero-day sales where properties have sold before hitting the public MLS or had buyers coming to the table immediately while others that have continued to linger on the market.

So what do these numbers mean to you?  They mean that depending on what type of property you are looking to sell or buy the marketplace can vary drastically.  If you are thinking of making a move don’t hesitate to contact us and we will provide you with the insight and advice you need to navigate the community marketplace.

Additionally, if you would simply like to know the current market value of your home and we would be happy to complete a complimentary professional property evaluation or you.

For a closer look at all of the active inventory in Lake Bonavista please click on the link below.

www.mylakebonavista.ca