Real Estate Sales Dip in November

It comes as no surprise that November is a slow month for real estate sales in Canmore and the Bow Valley - with the tourism industry taking a brief breather before the holiday season kicks in and winter sports enthusiasts taking advantage of some downtime while their season ramps up.  Sales activity is almost always at one of its lowest points of the year during November and this past month was no different with somewhat lower than normal numbers.  24 properties traded on the Canmore real estate market compared to 47 total trades in November of 2016 which, at roughly 50% less may seem somewhat drastic, really is not any sign of trouble in the market.  The real matter at heart is what we are always talking about in town and that is: Supply.  A meagre 42 properties across all categories hit the market in November and with so few opportunities available, no question multiple offer situations were looming at any given moment.  Condos, and in particular: Tourist Zoned, Hotel-Condos were especially scarce and investors looking to get in on the action needed to be prepared to write their offer on its first day on the market - likely site unseen.  The site unseen offer may seem daunting to some and that is understandable, but really, all of the safeguards are in place to protect both the buyer and seller and to ensure that you are comfortable with what you are getting at the end of the transaction. 

The market for luxury homes in Canmore continued to gain momentum this past month with 3 sales of homes priced over $1.5M.  This emerging trend at the higher price points has been aided by the gradual recovery of the Alberta economy combined with the baby boomer population.  Buyers from this demographic in Calgary and Edmonton are emerging as the dominant driving force behind these sales as active retirees have their eyes on the mountain lifestyle. 


10-Year November Sales Performance

Canmore Market Statistics Graph

November 2017 real estate sales in Canmore display a sharp contrast from 2016 numbers.


Statistics

 Breakdown of the 24 sales in November:

  • 8 Condos
  • 4 Townhouses
  • 3 Half-Duplexes
  • 4 Single Family Homes
  • 4 Recreational Condo 

Average Sale Price Per Property Type:

  • Condo  |  $512,250 avg.  |  $333,000 low  |  $750,000 high
  • Townhouse  |  $653,875 avg.  |  $530,000 low  |  $843,500 high
  • Half-Duplex  |  $993,083 avg.  |  $825,000 low  |  $1,205,000 high
  • Single Family Home  |  $1,357,085 avg.  |  $745,000 low  |  $2,072,500 high
  • Recreational Condo  |  $260,094 avg.  |  $185,000 low  |  $300,000 high

Average Days on Market Per Property Type:

  • Condo  |  68.5 average days on market
  • Recreational Condo |  84.75 average days on market*
  • Townhouse  |  39 average days on market**
  • Half-Duplex  |  59.6 average days on market
  • Single Family  |  68 average days on market
  • Average Days on Market: 58.75 days***

* This number is not very representative of the actual average days on market for Canmore condos for sale due to the sale of a property in the Windtower which, had been on the market for almost a year.

** 610-107 Armstrong Place was the only property to have a firm, unconditional sale on its first day on the market.

*** The average days on market far exceeded that of the month of October which, stood at 42.75 days.  This dramatic increase can be explained by the lack of inventory on the market this past month...what we are seeing is that properties that have been sitting around for a while are now selling because there are so few options available for buyers.


Hottest 'Hoods

  1. Three Sister's Mountain Village - 8 Sales
  2. Bow Valley Trail - 6 Sales
  3. Silvertip - 2 Sales

Year to Date

2016 was the strongest year for real estate sales in Canmore in over a decade, and by this time last year there had been a total of 481 closed real estate transactions.  Currently we are sitting at 424 sales for the year representing an almost 12% decrease in the number of home sales annually. 

Canmore Real Estate Statistics Graph

As shown in the above graph, November has been the slowest month for sales so far in 2017 and will likely stay that way as December is usually a busier time. 

 

 

 

 

 

 

Posted by Ben Maize on
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