Active listings in Canmore, Exshaw, Harvie Heights, Lac Des Arcs, and Dead Man’s Flats pushed above 450 this past month. Sales slid to 26 firm sales for July in these communities with 8 conditional sales currently showing. This is following the traditional pattern of summer being a slower time for sales as people are either working or on vacation. We did see a good spring bump and we can expect sales to pick up slightly in the fall. The concern right now for sellers ought to be the sheer number of active listings; we currently have close to 17 months of inventory to sell. Buyers are being patient and waiting for the right property at the right price. A surprising note is there have been a number of multiple offers on properties; when something is priced right, the demand exists.
The commercially zoned Hotel Condos continue to be the slowest segment of the market with only one sale in July. We can expect more inventory of this type of property to be coming to market soon and developers have recently completed some projects and new owners have taken over others. Average days on market on median sale price have risen again. Much of this can be explained by the limited amount of data and statistics can be skewed by one high sale or a property that has been on market for 400 plus days.
With the current amount of inventory on market, we will remain in a buyer’s market for quite some time. Banff has been fairly quite as well, as many people who are in the tourism industry are working flat out. We see the market picking up there come fall, with house prices remaining fairly stable, due to the general lack of supply. I you have been considering entering into either market, now is an excellent time with some amazing selection.
