July 15, 2022
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.
Read More here: http://mailchi.mp/b88495e6b607/july2022-8668159