August 2022 Newsletter | Moving closer to a balanced market.

Summer is in full swing, and we have been enjoying stunning weather to get out and enjoy our mountain paradise. The Canmore Folk Festival just made its return to rave reviews. The real estate market is continuing to lack inventory and sales were slightly down with nine less than June that is typical in our market. Historically we have seen a decrease in activity towards the end of June (end of school year) into mid July (after stampede). The sales in July still had a very low days on market which shows that new well priced listings hitting the market are selling quickly (average days on market of the sales in July was 35 which would also include condition periods).

The months of supply did increase a little as would be expected with the slight decrease in sales with most segments falling between 3 to 4 months of inventory. We often say 4-6 months of inventory is a balanced market so with July being slower and still at the bottom end of that we are still in a seller’s market but with an increase in listing inventory over the next few months we would not be surprised to see us moving closer to that balanced market. With such a lack of inventory it will take some time to get to that point.

You will see in the Median sale prices that we have seen significant increases in the median sale price in the single family home market along with townhomes and duplexes. Other market segments have seen increases as well but some lower priced unit sales have kept those median and average prices lower.

We hope you have enjoyed your summer to this point and the remaining summer is amazing! We are here to help with all your real estate needs and are never too busy for your referrals.

Read more here: https://mailchi.mp/069f33a8af4f/may2022-8671143