What Happened in the Canmore Real Estate Market in July?
July proved to be an unpredictable month for real estate sales. While the temperatures were HOT, buyer activity was a little cooler than expected (not that cool though, don't worry!)
There were 31 total sales across all Canmore property types in July 2017, compared with 37 in July 2016. Yet while this may not seem like a huge drop (after all, it's only 6 fewer properties this year), statistically-speaking it's a 16% decrease in activity. This slight dip in the numbers from year to year is, most likely, easily explained by the hot and sunny weather combined with Canada's 150th birthday celebration – buyers & sellers are too busy enjoying the mountains and celebrating our amazing country's birthday in the warm weather to shop for Canmore real estate!
OTHER NOTABLE STATS:
- Of the 31 total sales, 10 of those were residentially-zoned condos ranging in sale price from $270,000 - $595,000 (with an average sale price of $432,540).
- 9 townhomes/duplexes were sold in July, with a low price of $545,000 for a 2-bedroom unit all the way up to $1,365,000 for a 3 bedroom half-duplex. The average sale price for an "attached" property in July was $791,740.
- The remaining 11 sales were single family detached homes with an average sale price of $920,950. That figure may (unfortunately) not be a true representation of the average sale price due to the unusually low sale price of 356 Grotto Road; this property sold well below the median price at $475,000, with the top big-spenders being the lucky new owners of 224 Miskow Close at $1,557,000.
The most popular community in Canmore during July was Bow Valley Trail, while Eagle Terrace and Three Sister's Mountain Village battled it out for 2nd place. Vacation home sales on Kananaskis Way are the true driving force behind the demand for homes on Bow Valley Trail.
In total, 51 new Canmore properties hit the market in July across all property types. This new inventory, minus the 31 sales for the month, leaves us with a much needed surplus of 20 properties. This brings the number of total active listings (as of August 2, 2017) to 177. This number of total active listings is still representative of an unbalanced market, with the number of potential buyers far exceeding the number of sellers.
YEAR TO DATE
Last year at this time, there had been a total of 270 firm sales. This years' total comes in slightly lower at 254. This represents a small 6% decrease which, again, is attributed to our unusually clear & hot weather with increased recreational activities. Typically, in years like this, we will see increased real estate sales activity in the fall months as all of those traveling visitors to Canmore return to their normal lives with nothing but fond memories of good times in Canmore on their minds...
WHAT DOES IT ALL MEAN?
For homeowners in Canmore, there may never be a better time to sell! That is not to say that there won't ever be a better time to sell, but the truth is that no one really knows what the future will hold. That said, all indicators suggest that Canmore is a rock-solid real estate market that provides homeowners with amazing mountain living opportunities that combine with the unique opportunity to make a lot of money on your investment.
Have questions about this analysis or Canmore real estate in general? The contact the team at Canmore.net online or call (587) 579-9500 to find your answers! Ben's years of experience in the Canmore real estate industry gives him (and his clients) a unique and unparalleled toolset to help you with all your Canmore property investment needs.
Posted by Ben Maize on