pril sales in Canmore were slower than expected with only 17 firm sales this past month. The positive news in this is that the single family home market remains strong with 65.5% of sales being above the $900,000 mark. Median sale price of single family homes jumped 58% in April to $950,000. There are strong signs that the luxury market is returning to Canmore with multiple offers on properties and large single family homes selling. Values have not yet started to turn for the positive, as there remains a large amount of inventory for all types of properties. The increase in both average and median sale prices is due to the re-emergence of the second home buyer buying higher-end homes.
Listings have increased significantly this past month to 468 active listings from 378 the previous month. Much of this increase is due to two developers adding new inventory to the Canmore Broker’s database that was previously for sale, but not listed through the MLS. Listing inventory for single family homes, duplexes, and lots have remained stable. Average days on market remain variable for two reasons, firstly small sample size; and secondly, some sales occurring in a matter of days while others are taking ten plus months.
May has 13 conditional sales so far with a mixture of all types of properties, except for commercially zoned recreational properties. There remains a strong demand for quality single family homes that are priced to fair market value. There may only be one or two homes that fit a buyer’s needs and we are starting to see buyers start to miss out on sales. Expect to see sales pickup slightly as the weather continues to improve and the Bow Valley comes out of hibernation.
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