From 2018 to 2023, the Canmore real estate market has undergone substantial transformations. Within this post, we'll conduct an in-depth examination of the changes in Bow Valley townhome prices during this time frame, covering key factors such as the average price per square foot, the median sale price, the typical days a property spends on the market, and the broader sales trends. This article is tailored to meet the needs of both potential townhome sellers and those considering their first townhome purchase in Canmore.
The provided table displays data on the annual sales volume, the mean sale price of townhomes for each year, the average price per square foot, and the average duration a townhome took to sell in the market for that year.
A brief summary reveals that the years 2020 and 2021 experienced the most significant surge in sales, coinciding with the pandemic period when the market witnessed a notable increase in the number of sellers.
The average townhome price has witnessed a remarkable increase of $325,235 since 2018. When we break down these yearly changes, here's the progression:
2018 to 2019: Increase of $16,203
2019 to 2020: Increase of $27,391
2020 to 2021: Increase of $49,649
2021 to 2022: Increase of $227,134
2022 to 2023: Increase of $4,858
Once again, it's essential to highlight that the period between 2020 and 2022 marked the most significant surge in the average sale price of a Canmore townhome.
When we compare the prices between 2022 and 2023, it appears that prices are holding steady. This could be attributed to the prevailing high-interest rates in Canada and the fact that homebuyers are taking more time in their purchase decisions.
The average price per square foot for a Canmore townhome has witnessed an astonishing increase of $222 since 2018. When analyzing the trend in the average square foot price for Canmore townhomes, we observe a similar pattern, with a substantial surge between 2020 and 2022, followed by a stabilization in 2023. Here's a breakdown of the year-over-year changes:
2018 to 2019: An increase of $35 per square foot
2019 to 2020: A decrease of $6 per square foot
2020 to 2021: An increase of $81 per square foot
2021 to 2022: An increase of $90 per square foot
2022 to 2023: An increase of $22 per square foot
How has the price increase impacted the average time a Canmore townhome spends on the market? As we examine the chart presented above, it becomes evident that the swiftest selling period occurred during 2021 - 2022, coinciding with some of the highest price peaks in the past five years. In 2023, we're observing a growing trend in the extended duration it takes for homes to sell. This shift might be attributed to prospective buyers exercising caution in light of the prevailing high interest rates and inflationary pressures.
In summary, the Canmore real estate market from 2018 to 2023 has showcased significant changes, notably during the peak years of 2020-2022. With the average townhome price increasing by $325,235 and the price per square foot rising by $222, this market is a dynamic one. The duration homes spend on the market has also seen fluctuations, reflecting buyer caution in 2023. Whether you're a buyer or seller, these insights provide a better understanding of Canmore's real estate trends and can guide your decision-making in this intriguing market.
Sellers: Want To Know What Your Canmore Townhome Is Worth?
As your trusted Canmore advisor, I always want to keep updated with the current market conditions. The last five years have seen some dramatic price changes in the Canmore real estate market as we navigated unprecedented buyer demand through the pandemic. The market is now starting to shift a little again as we move through high inflation and ever-increasing interest rates.
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Questions about the Canmore Real Estate Market? Contact me today!
Richard Greaves Broker/Owner
RE/MAX ALPINE REALTY
403-688-7629
support@richardgreaves.ca
www.camorehomesforsale.com