Spring has sprung and so has the interest in Canmore and Banff real estate. As soon as the cold weather broke, listings started sprouting like crocuses and buyers started coming out of hibernation. Single family homes are the hot item in real estate with many selling within days of being on market!
What’s hot in the Canmore real estate market? Single family and semi-detached homes! These two segments of the market made up 54% of the sales last month while only accounting for 26% of listings. Two of these sales were over the $1,000,000 mark, while five were in the $750,000 to $999,000 range, with the remaining seven sales below the $750,000 mark. On April 3rd, there were 11 conditional sales in the system with six being single family homes and one a half duplex. A number of listings this past month have seen offers and even competing offers within days of being on market. There are buyers out there for these properties, and it is those that are listed at market value that are selling.
Both active listings and sales are down for the month of March on a year over basis from 2010; still double the sales from March of 2009. Active listings peaked in the spring and summer of 2009 (up to 460 active listings), this spring we are seeing the expected seasonal rise in inventory.
Townhouse and apartment sales have been steady this quarter down slightly from Q4 2010, but down almost 33% from Q1 2010. Some of this could attributed to renewed confidence in the market, with buyers choosing a larger investment and purchasing a half-duplex or single family over a townhouse. Many of the sales this quarter have been to second home buyers and people choosing to leave other communities and move to the Bow Valley full time.
Banff has seen a seasonal uptick in sales this past month with the majority of the market still being under $500,000. The challenging year for tourism will continue to make the entry level market for Banff more challenging for sellers. It is still a buyer’s market for the Banff condominium market, but don’t expect to lop off 20% from the asking price. Most of the units currently on the market are priced well for current conditions.
As we continue into the spring market, expect to see active listings remain elevated with strong sales in the single family market. Even with a high number of listings there may only be four or five that fits a buyer’s needs and wants. Buyer’s need to be aware that we are no longer in 2008 / 2009 and when the property that fits their needs comes on the market it would be good to act, as this home probably fits another buyer’s needs as well.
