Canmore home sales January 2018
Canmore home sales January 2018 were up slightly year over year and finished the month with 30 property sales in the month beating January 2017 by 3 sales.
A strong sales month for Canmore started off a little slower than usual with the extreme cold weather we experienced over the Christmas and New Year period. The colder temperatures brought the real estate market to a grinding halt at the end of 2017.
Canmore home sales January 2018 fell in to the following categories:
Apartments: 8 sales at an average square foot price of $424
Hotel Condos: 8 sales at an average square foot price of $342
Single Family Homes: 5 sales at an average square foot price of $695
Town Homes: 7 sales at an average square foot price of $473
Two main points stand out to me from the January stats, the first is the average square foot price of a Single family home for the month at $695. This is incredibly high and our current active inventory pricing of single family homes for sale in Canmore starts at $719,000 and goes all the way up to $5,oo0,ooo. We had 5 single family homes sell in Canmore last month and all five of them were priced over $800,000. The lack of available resale inventory (in the market in general , not just the single family home market) is the other major factor that continues to put upward pressure on pricing. January saw record low levels of available inventory and half way through the month there were just 120 properties on the market for sale. A balanced market in my opinion is when we have roughly 250 properties on the active market for sale.
We have seen a couple of weeks with more inventory coming to the market as we’ve moved in to February but we still have lots of pent-up demand from buyers so properties are selling quickly, often in multiple offers, when they do hit the market. As of today we have 134 active properties for sale. Over the past 18 months we’ve seen Canmore become a real destination for Alberta retirees to move too and if this trend continues at the pace it has been over the past 18 months or so we will certainly need new inventory to be built if prices are to be kept anywhere close to affordable for the local community.
If you have any questions about the Canmore homes sales January 2018 or would like to chat about buying or selling a home in Canmore you can contact Richard at email@example.com or Karen at firstname.lastname@example.org for a more comprehensive analysis of the current market.
If you are looking for property in Canmore you visit all the mls listings on our website at this link.