Summer 2024 Newsletter

Summer in the mountains

As we journey through summer, our hearts go out to the residents of Jasper, our fellow mountain town. From my youth camping trips to biking adventures as a teen, and now hiking and biking as an adult, Jasper holds a special place in my heart. We are all hoping that the residents can soon return to their beloved town.

For our summer newsletter we always take a look at some of the quarterly statistics, please see some insights below.

Real Estate Insights: Q2 2024

• Market Activity Surge: The second quarter of 2024 witnessed a remarkable 43% increase in activity compared to the same period in 2023. Prices also rose across various segments.
• Townhomes and Condos: Townhomes and apartment condos saw substantial year-over-year growth, with increases of 23% and 20%, respectively.
• Hotel Condos and Single Family Homes: Hotel condos experienced more modest gains, with average sale prices up by 6%. Single-family homes followed closely with a 5% increase.
• Inventory and Market Balance: While listing inventory slightly rose, it remains far below a balanced market. With a Months of Inventory (MOI) at 3.55, we’re firmly in a seller’s market. Even a 50% inventory increase wouldn’t tip the scales toward a buyer’s market.
• Days on Market: Properties continue to sell swiftly, with single-family homes and lots being the only exceptions, hovering above 2 months. Historically, our averages fall between 2 and 3 months for all segments.
• Looking Ahead: Anticipate more listings in August, September, and October. We hope this influx will help restore market balance, as eager buyers await the right properties.

Here in Canmore, excitement is building for the upcoming Canmore Folk Music Festival. This iconic event, which began in 1978, continues to thrive, with Blue Rodeo headlining this year. The trails around town are bustling, and last weekend’s Rockies 24 - a 24-hour mountain bike race at the Canmore Nordic Centre—was a resounding success. Our doorstep boasts incredible facilities and trails, a true blessing for all of us outdoor enthusiasts.

Enjoy the remainder of summer and remember that we’re here to assist with all your real estate needs. Referrals are always welcome!

**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**

To view current listings click HERE