Category: Real Estate

Canmore Market Moving Towards The Historic Trend Line

What an amazing Fall weather wise, stunning blue skies , few clouds and so much warmer than usual but we know that will change soon with skiing scheduled to start in November.

This September saw the market move more toward the trend line of the past 20 years for sales volume. The 10 year average sales volume for September is 49 properties and 20 year average is 42 properties and September 2022 we saw 47 properties sold. At the end of September there were 150 active listings which is still dramatically lower than our 20 year average of 237 active listing. The days on market of the properties that have sold since 2002 is 80 days and for September 2022 the days on market is almost 20% lower than the 20 year average at 61 days on market.

Given the recent stock market and oil and gas volatility along some buyers are pulling back, we see the balance of the year as being closer to the sales trend line. Rising interest rates affect a smaller part of the Canmore market than else where but rising interest rates will slow the 1st time buyer and move up local buyer market back down to the long term sales trend line. We are still seeing some properties sell relatively fast if they are the right fit for a buyer. With inventory still so low it is still a good time to bring new listings to market as evidenced by the 61 days on market. For more :CLICK HERE

After a fantastic summer in the mountains, the kids are back in school and fall activities including biking, hiking and more are in full swing. While it is still a little while away, cooler temperatures in the air mean that the winter season is just around the corner. The Canmore Real Estate Market has remained quite stable as listing inventory has been incredibly consistent the last 3 months albeit still very low. Now is still a very good time to get your property on the market if you are considering selling.

It continues to be challenging for some buyers as that consistent inventory is still quite low so not a lot of choice in the market. The buyers are pushing back on properties that they deem to be overpriced but great properties that are priced right are still having a lot of interest. We are still seeing multiple offers on some properties but not to the extent we were over the past year.

While the trends in the all the market segments saw a decrease in the median and average sale prices much of that has to do with more sales in the lower price point of the market. (and less in the higher end) We also see more price reductions but this is most often related to a property that was leading the market too much as we have not seen a decrease in the markets.

We will have a more in depth review of the market next month as we will review the third quarter which is often better to really see the trends as the sample size makes those numbers much more relevant. Lastly, we are here to help you or anyone you know for all your real estate. We are never too busy for your referrals.

READ MORE HERE: https://mailchi.mp/afd0c2ea33fb/may2022-8675035

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

As we enter the summer months, we see our market inventory increasing still incredibly low. Month over month we saw an increase of 30 new active listings which were mainly in two of the market segments, an increase in 13 for hotel condos and 9 for single family homes.  Our listing inventory overall is quite low as we see the Months of Inventory** just over 3 however breaking that out in segments shows the only two outliers being single family homes at 5.57 and Apartment condos at 1.71.

The number of sales in June was almost bang on the average sales in June for the past 10 years. It has felt a little slower because high mark set in 2021 of 76 compared to 2022. We are still seeing some multiple offer situations for certain properties, and I expect we will continue to for well priced high demand properties.

In this current market we are seeing more situations of sellers with high asking prices and the buyers are not willing to pay those prices, so the property is either sitting on the market longer or the seller is reducing the price. I do expect we will see more price reductions but please note that often this is a function of the seller moving the price to the market when they started at a price that was too high, we are not seeing values drop in Canmore.

As you will note on the Quarterly graphs the average and median prices continue to increase along with the days on market in the last quarter. I do not expect a rapid change in our market as the inventory is still so low that I would anticipate steady sales through the next quarter with an increase in listing inventory, but we still need a lot more inventory to fully balance our market.

It was great to see the town celebrate Canada Day with the Parade again this year. It should be a very busy summer with hopeful warm weather and events like the Canmore Folk Fest and Canmore Highland Games along with all the amazing hiking, biking, and mountain fun our beautiful area provides!

**Months of Inventory or MOI stands for the relationship to the number of listing and the number of sales in the previous month. Using those two data points you can determine how long it would take to sell the properties that are currently on the market (with no new listings) We typically corelate a Sellers Market with a MOI of less than 3 or 4 and a Buyers market above 6 MOI.

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Strong Demand and Low Inventory Continues

As we move through May we all starting to get excited to we say goodbye to another great ski season but look forward to the plethora of spring and summer activities that start to open, from hiking, biking and running trails opening up to the local golf courses opening for the season! A sure sign of spring was spotted as I saw my first bear wonder through my backyard the other morning.

In May we saw a seasonal increase inventory in all segments except single family homes which saw a 35% rise in inventory compared with April but 10% lower than May 2021 and 40% lower than May of 2020. In April 2022 the market started the month with 88 active listings and saw 61 listings sell where a year ago the market had 123 listings at the beginning of the month with 103 sales, April 2022 is still about 10% higher than a typical April sales volume. Although a smaller number of sales, year over year the inventory of homes was significantly less for buyers which continues to be the most substantial challenge of our market. Our Months of inventory calculation in all market segments is less than 2 months of inventory with the exception of the single family home segment (with the slight increase in listings) being the highest but still under 3 at 2.88 months of inventory, still in sellers’ market territory

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 and now more than ever having an experienced successful team working for you is critical to bringing you Canmore dream a reality and/or making your sale a seamless and prosperous one.

Read more here: https://mailchi.mp/eac3f791ef09/may2022

Sellers Market Continues Even as New Buyers Continue to Enter the Market

With the low inventory levels continuing we are continuing to enjoy working hard to find our buyers their Canmore home while helping sellers successfully navigate this market. As the calendar moves through April, we are starting to see the snow lower down the mountain start to melt making way for some great walking/hiking and running while the skiing is winding down. There is nothing quite like enjoying the longer days with blue sky and beautiful snow covered peaks, it reminds us all every day why we love living here.

The first quarter of 2022 was very strong for sales with total sales being 64% more than the 4 pre pandemic first quarters of the year. Q1 2022 sales volume was very strong, being 64% higher than the 4 previous pre pandemic Q1 sale volumes from 2018-2021. It was however 37% less than the all time record sales volume Q1 2021 but we do feel that was driven more by the lack of supply than lack of buyers.

We seem to be discussing the active listing supply a lot with clients so let’s get into that. Over the last 5 months we have seen an average total listing in Canmore be 77 compared to the average active listing since we started keeping statistics being at 240. The highest active listing count was over 500 and the lowest was a tie between January and February of this year at 56. The part of this that most people do not realize is when we had the 524 active listings was in 2011 at a time when we did not have nearly the number of homes in Canmore.

When we look at other metrics like List to Sales Ratio along with Months of Inventory, we continue to see the same story. For List to Sales Ratio, we can track the amount of negotiation on average taking place and what percentage of the asking price is the accepted offer landing at. In 2022 all months are above 100% which has only ever happened in one other month since we have been calculating this. The average list to sale ratio for the first quart of 2022 is 102.08%. For months of inventory, it is how many months of the current sales activity would it take to sell all the existing inventory as of the 1st of the month. We typically see numbers around 3 to 6 months of inventory as being a balanced market with numbers higher than 6 months being a buyer’s market and lower than 3 months of inventory being a seller’s market. Our current months of inventory is 1.19.

As you will see in the graphs our average prices have been steadily increasing in all categories (except lots which is due to such a small sample size) and we do expect to see this continue until our supply increases. We have also been hearing of solid numbers coming in from the short term rental complexes which makes sense with more people starting to travel and take in everything Canmore and Banff have to offer.

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It was good to see the increase in new listing month over month for February however it was 20% less than the number of new listings in 2021. Year over year sales for the month of February was also down almost 50% but that was a result of the incredibly low listing inventory… Read more, Click Here