April 10, 2023
With The Arrival Of Spring Will Listing Inventory Continue to Rise From The Sustained Lows of The Last 4 Months
The first quarter of 2023 has just passed and Spring has arrived! While the winter ski season was not what we have been used to, bluebird days make the spring skiing spectacular. Spring is always an amazing time in Canmore and Banff as the snow on the mountains combined with warm blue skies makes for picture perfect days. With the pathways and trails beginning to dry out we start to think about putting the skis away and breaking out our hiking boots, runners and mountain/road bikes, as we move into a late Spring and look forward to another stunning Summer in Canmore and Banff. Only 5 years ago, pre covid we were talking about a rare balanced market which has not been the case since 2020.
Our listing inventory is still incredibly low so high demand and prices continue to draw plenty of interest when priced correctly. Buyers do not have as much urgency as they did during the pandemic but the drive and commitment to buyer something is still strong. Our months of inventory calculation is another good measurement of how the market is doing and the rule of thumb historically is that 6 months of inventory is close to a balanced market. As an example in 2019 the average Months of inventory** was 5.5 yet the average for the first quarter of 2023 is 3.5.
In regards to pricing the first quarter saw more activity in the lower price ranges and as we are starting to see new listings come on to the market we expect to see sale prices steady with a slight rise in 2023. As an example last year we did not see the listing inventory rise much until June through August and while we are tracking to be a little ahead of that we have typically seen the market rise in March/April.
As always thank you for choosing us in your buying and selling and should you know of anyone else who may be interested in buying or selling please let us know we are never too busy for your referrals. Lastly, we are here to help you or anyone you know for all your real estate needs.
**Months of inventory is a calculation on the numbers of months it would take to sell all the currently listings with no new inventory coming to Market based on number of past sales**
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