Listings Sold By All Companies
Median Sale Price - Listings Sold By All Companies
2009 was quite the year for Real Estate; not only locally but on the world market. In the first six months of this past year, there were only 113 sales in the Canmore market. The winter and spring of 2009 saw some substantial price reductions as people tried to catch up to falling prices and attract the few buyers that were around. With summer, came new life into the Canmore Real Estate market. The second half of the year, nearly doubled the first half of 2009's sales with a total of 204.( There were a total of 282 sales in 2008, 578 in 2007, and 607 in 2006) The market seems to have reached the bottom of the trough with volumes of sales steadily picking up and a lot of buyers actively working in the market. We are still some ways away from a seller's market as there remains a lot of inventory actively for sale in the Bow Valley.
With continued strong sales and the lowering of inventory levels, we could potentially start to see prices begin to increase in the early third quarter of 2010. Currently, the competition remains tight for the buyer's dollar as there is a lot of good quality properties very attractively priced in Canmore. Banff however, continues to have a lack of quality properties on the market and buyers are anxiously waiting for new and exciting properties to hit the market.
As we moved forward, the Recreational/Hotel Condo will remain a more challenging segment of the market. Few financing options, competition on from both the new and resale market, and a smaller number of buyers make this segment of the market more challengin. It will take longer for this portion of the market to regain its strength than the rest of the overall Canmore and area market. However, local tourism operators are doing a very good job a promoting the Canmore & Kananaskis region to regional travellers. With the majority of these properties having kitchen facilities within the unit, they have become a very good option for visitors to the valley. As a result, the revenue from these units is once again beginning to pay the owners.
As we begin to see the second homeowner return to the Bow Valley Real Estate Market, higher end properties are beginning to sell. Entry level condominiums and first single family home buyers continue to make up the bulk of current Real Estate trades. Higher end townhomes and apartment units are again beginning to sell as people are taking advantage of low prices and buying a piece of Canmore for themselves.
If the past two weeks are any indication of what we can expect through the rest of the winter, then we should be in store for a couple of very busy months. The number of buyers whom are currently actively looking for property in the Bow Valley is very strong. The folks who have been watching the market since last winter/spring are now making their moves into the area market. As inventory continues to decrease, these people are now making the decision that now is the time to purchase their Canmore home for prices that have not been seen in three years.
