Low inventory, high demand, record sales and sales volume, as well as price increases, ruled 2021. The first three months of this year have started in a similar manner with the exception of even lower inventory levels and quicker price increases to properties coming to market.
Although February and the beginning of March saw more listings arrive on the market, sales kept pace, holding inventory at a record low. With sellers hesitant to list their property and be out of the market with nowhere to go and the strong and consistent demand for mountain living and investment, inventory looks to remain low for quite some time.
Good properties are selling in multiple offers, at or above list price, and at times before the listing reaches the open market. As an example, through February, detached and semi-detached homes sold on average 5% over the list price. The average days on market for listings has also decreased to just 20 days. The tight market conditions have placed further upward pressure on prices. Sale prices set new records every other week for neighbourhoods and types of properties.
Year over year, the average sale price over the last three months has increased to the following:
Note that the average sale price has been rounded.
Apartment Condominium: Increase of 13% to $663,000.
Short Term Tourist Home & Visitor Accommodation Rental: Increase of 49% to $665,000.
Townhomes: Increase of 33% to $954,000.
Detached & Semi-Detached: Median increase of 35% to $1,410,000.
If you are considering selling your mountain home or property or would like to enter the Canmore market, please reach out to our team. Barry and Jack have a wealth of knowledge and experience and will assist you in formulating a smart plan to make your maneuver in this challenging market.