Spring has sprung in the Bow Valley. The Valley's trails continue to dry out, while winter remains up high; what a great time of year, go for a ride before heading up for some spring afternoon skiing. With the arrival of spring, we have seen an increase in both sales and active listings coming on market. Traditionally, we see both an increase in sales and listings during spring as people start to come out of their winter hibernation. With the prospect of higher interest rates, buyers are looking to take advantage of both record prices and rates.
The market appears to have levelled off and we are no longer seeing major price changes in properties that have been on market. Some of the new listings have been on market previously and for the most part, asking price reflects the new reality of the area's Real Estate market.
We continue to be busy and are looking forward to hearing from you this spring. Even if you are not currently considering buying or selling, we are happy to answer any Real Estate questions you may have.
The market appears to have levelled off and we are no longer seeing major price changes in properties that have been on market. Some of the new listings have been on market previously and for the most part, asking price reflects the new reality of the area's Real Estate market.
We continue to be busy and are looking forward to hearing from you this spring. Even if you are not currently considering buying or selling, we are happy to answer any Real Estate questions you may have.
As expected, active listings have risen this past month. With a total of 386 listings on market, we do not foresee any price increases for the short term. With the current volume of sales, it would take eight months to sell our current inventory.
Half of March's sales were either single family homes of half-duplexes. This is a trend that we have seen lately as younger families are choosing to stay in the Bow Valley and move into larger homes. Eighty percent of sales were below the $750,000 mark. Some higher end properties are selling with a number of sales in Eagle Terrace and the Benchlands.
Town tax assessments have recently been mailed out, with many coming as a major shock to home owners. These assessments must be taken with a grain of salt, as not only are assessments an imperfect science, but often released many months after being taken. With the rate that market values have been shifting, tax assessments can vary within many percentages from today's value.
The first quarter of 2010 sales volumes were significantly better than those of Q1 2009 and on par with late 2007 early 2008 levels. Prices are holding steady while average days on market for properties sold are starting to fall. We continue to have some fantastic properties offered for sale at fantastic values.
Banff's inventory remains stagnant as we enter the spring market. The sales that have occurred this quarter have generally been in the entry level condominium market. When single family homes or duplexes (that are in both good condition and well priced) do come on market, they are garnering a lot of attention and selling quickly. There remain a number of active buyers in Banff waiting for good quality properties to come on market. Buyers must be ready to move quickly when their desired property does come on market.
