April 2024 Newsletter

Moving Into Spring, Lack of Inventory Continues

 

Welcome Spring: A Season of Renewal and Real Estate Opportunities

As we bid farewell to winter, the vibrant spirit of spring is upon us. The melting snow unveils smiling faces eager for outdoor adventures, from mountain biking to trail running. The community’s enthusiasm is palpable, with many embracing the sunny days for running and cycling and excitement for trails drying out for mountain biking, hiking and trail running.

Quarterly Market Update: A Glimpse into Canmore’s Real Estate Dynamics

With the first quarter behind us, it’s time to examine the larger picture of our real estate market. Despite a familiar refrain post-lockdown, we’re still navigating through a period marked by scarce inventory. Yet, historical patterns suggest a potential increase in listings as the year progresses, with a typical downturn as we approach winter.

Market Insights: Understanding Months of Inventory

Monitoring inventory duration is crucial for assessing market conditions. A balanced market in Canmore is best represented by 4 to 6 months of inventory, striking a harmonious balance between availability and demand. Here’s a snapshot of the average inventory duration for the past years:

• 2019: 5.92 months
• 2020: 7.63 months
• 2021: 1.48 months
• 2022: 1.33 months
• 2023: 3.48 months
• 2024: 2.72 months

Currently, it would take roughly 2.72 months to sell all listed properties, reinforcing our status as a buyer-friendly market.

Pricing Trends: A Closer Look at Property Values

The initial quarter of 2024 has seen slight price adjustments. Townhomes and apartments have witnessed modest decreases, while single-family homes and hotel condos have experienced price escalations. For tailored advice on how these trends impact your property interests, our team is here to provide expert guidance.

Your Trusted Real Estate Partners

Thank you for entrusting us with your real estate needs in Canmore/Banff. If you or someone you know is considering buying or selling, we’re ready to assist. Your referrals are the greatest compliment to our dedicated service.