We saw the sales activity drop dramatically in Lake Bonavista last month as there were just 5 completed transactions falling well short of the 6-month rolling average of 18.3 sales heading into the month.
Despite the limited activity, the level of inventory is still the biggest part of the story in the community with 31 properties currently listed across all categories, that works out to just 1.8 month of available inventory and marks the continuation of the seller’s market conditions that have been in play over the past few months.
A portion of this reduction is seasonal as traditionally a good number of 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 as many 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 numbers we saw the actual average Days On Market (DOM) drop substantially from 31.7 days to 13.8 days however much of this can be attributed to the fluctuation we tend to see when dealing with such a small group of sales. The DOM for detached homes was just 6 days as both homes sold immediately and the apartment category was higher but still very healthy coming in at 19 days.
Switching to the overall Calgary market we saw stronger activity continue with 1,437 completed transactions which was 25% higher year-over-year and again marked the highest November sales total since the peak in 2014. Many communities and categories are still experiencing inventory shortages and Lake Bonavista 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.