While January and February are normally quiet months for sales, the Canmore real estate market bucked that trend this year in a big way. January and February boasted record sales year over year. It is probable that January and February would have climbed the ranks of one of the best months for sales had more inventory been available.
Active listings have been declining since September of last year with inventory now hovering at a record low. Currently there are a little over 100 active residential listings between Canmore and the surrounding communities. This is less than two months of inventory as compared to four to six months which is a balanced inventory.
Multiple offers, quick sales, or sales complete before a property reached the market, started to occur in February. The beginning of March is seeing this trend in full force. Most listings now appearing on the market are selling quickly in multiple offers. Some sales are also complete before the property reaches the open market. This is resulting in price increases across all property types.
Check out my article on How to Buy a Home in a Seller’s Market for tips and resources. If you are at all considering buying or selling in the Bow Valley, contact Barry and Jack. Our team has a wealth of knowledge and experience and are on the front lines of real estate and development.