Despite another month of gloom and doom for the world economy, November managed to keep on track with 2010 sales. There were 21 sales this past month and listings have again dropped below 400. On the year, volume of sales is still down 15.5% while listings remain very high. Single-family sales are up year over year, while condominium sales remain slow and are down significantly. There was only ONE sale in the townhouse / fourplex market this past month. December is off to a good start with three firm sales and 12 conditional sales in the first three days of the month.
With amazing mortgage rates and a strong Alberta labour market, we expect to see continued sales in this buyer's market. The entry level to mid-range single-family market is doing well with just under five months of inventory. Values in this segment have come down significantly over the past year; slipping another 10 - 15% in some cases. It is still the case of the well priced and reactive seller.
There remains a lot of interest from second homebuyers with some incredible buys to be had in Canmore. These buyers are looking through all segments of the market and the $1,000,000 plus, remains generally people from outside the valley.
