June Home Sales in Canmore
June home sales in Canmore again remained strong despite the continued lack of inventory for sale in the Town. Month over Month sales for June increased 25% year over with a total of 49 sales for June 2017. Active inventory for sale in Canmore remains at the lowest number of units we’ve seen in at least 10 years with 175 properties for sale as of today but buyers are still seeing value in purchasing in Canmore and sellers are taking advantage of the market to list at ever-increasing prices.
June home sales in Canmore fell in to the following categories:
Apartments: 12 properties sold at an average square foot price of $457
Half Duplex: 3 properties sold at an average square foot price of $470
Hotel Condos: 6 properties sold at an average square foot price of $398
Single Family Homes: 18 properties sold at an average square foot price of $572
Town Homes: 10 properties sold at an average square foot price of $456
June home sales in Canmore sold in an average of 50 days at an average square foot price of $493.
June homes sales in Canmore also marked the end of the first 6 months of sales data and we’re now starting to understand how well the Canmore real estate market is performing compared to 2016 – which was our benchmark year as it was the busiest sales year since 2007.
Year over Year The Canmore home sales volume has increased 2% from 245 sales for the first 6 months of 2016 to 261 total sales for 2017. While volume has remained consistent year over year the average sales price over that same period has increased 9% and properties are selling 36% quicker this year compared to 2016. The average days a property stayed on the market for the first 6 months of 2017 was 55 days.
Moving in to July and the Summer months you can expect inventory to likely reduce and stay tight through to at least mid-september which will continue to put increased upward pressure on list and sale prices.
There was talk on the local radio station this morning about the average price of property in Canmore being over $1M that I thought I should address as this is. The average sale price for a property in Canmore for the first 6 months of 2017 was actually $669,000. When you break out the Single Family home market from those figures then we do see that the average sale price of a single family home so far in 2017 is $1,138,000. Single family homes always demand a premium it seems in Canmore and the lack of inventory of single family homes – and the complete lack of building any new single family homes since the Peaks of Grassi neighbourhood was developed in the 1990’s has caused a severe shortage of this type of property and so prices are sky-rocketing once again.
If you’d like more information on buying or selling property in Canmore you can contact me via email at email@example.com or on the phone at 403.688.7629.