The Canmore and Bow Valley real estate markets are well into the spring selling season. Multiple offers have become the norm as opposed to the rare exception as record low inventory levels are driving an incredibly strong market. Currently, there is 1.1 months of inventory in the market; this is the lowest level we have ever seen and very much in a seller’s market.
Now a full year of real estate under COVID and there is no way last March did we think we would be writing about record setting sales and prices. Year over year, March sales increased 317% while April to April, active listings have decreased 43%. Q1 2020 to Q1 2021 sales increased 185%. Q1 2021 was the second strongest quarter ever with 308 MLS sales, down from Q4 2020’s 315. The biggest issue holding back the market now is the lack of homes available for sale. In March, there were 125 MLS sales (32% of these being for short term rental properties) while there are currently only 137 active listings on the market.
The unprecedented demand for real estate and low interest rates have pushed sales values higher over the past year. Because of our small sample sizes here in the area, averages can vary wildly.
Detached and semi-detached average sale price Q1 2021 $1,372,424 an increase of 44% from Q1 2020.
Detached and semi-detached median sale price Q1 2021 $1,166,383 an increase of 39% increase
Townhouse average sale price Q1 2021 $745,357 a 5% increase (note several new construction smaller townhomes have sold, bringing down the average sale price)
Townhouse median sale price Q1 2021 $671,400 a 4% decrease
Apartment average sale price Q1 2021 $593,793 a 9% increase year over year. While the apartment median sale price in Q1 2021 was $560,000 a 15% increase over 2020.
Even the luxury single family home market is starting to turn as sale prices have plateaued and are starting to rise slightly. When considering a sale of your home, it is important to look specifically at your segment of the market, community, and competition. It is our firm belief that maximum exposure to a local, national and international market is essential for achieving the highest sale price for our clients. We have seen instances where sellers are not achieving the maximum exposure and potentially leaving $100,000s on the table. A patient and thoughtful marketing plan is essential to achieving top dollar in this market.
On the flip side for buyers, this can be a very challenging market. Having all your ducks in a row in terms of financing, down payment, access to deposits is essential. Using an experienced agent with great negotiating skills and an ear to the ground is what will allow you to be successful in your purchase.