Canmore Real Estate Market News | August 2022
A continued decrease in sales and a record setting average sale price for detached homes signals the shifting marketing in Canmore. June to July, residential sales decreased 20% from 35 to 28 sales; short term rental sales saw one fewer sale month over month with 16 transactions. The majority of the real estate market in Canmore and the surrounding communities remains in seller’s market territory and is shifting towards a balanced market. Year over year, residential sales fell 49% from 55 in July 2021. Short term rental sales rose year over year 100%. Because of the smaller nature of our market, percent changes can sound quite dramatic. When in reality it is important to look at overall trends. As well, our sample sizes for each type of property are generally small and averages can shift wildly from month to month. The two trends that are taking place in Canmore currently is a continued decline in sales and no significant increase in active listings for sale.
There are currently 119 residential listing for sale, 6 development lots and 62 short term rental use properties. Residential listings are virtually unchanged year over year; up one listing. Short term rental use property listings are up slightly year over year from 59 in 2021. There has been an increase in overall active listings over the past few months from 34 active residential listings in February of this year; and 36 short term rental listings. August of 2020 had 229 active residential listings, 14 lots, and 66 short term rentals. The five year average for active residential listings in August is 179; the current market is 34% below the average.
In July there were some significant sales of detached homes which resulted in the average sale price for detached and semi-detached homes rising to $2,121,375; a year over year increase of over $1,000,000. A better number to look at is the median price which rose to $1,830,000 a year over year increase of $629,000. The three month median price rose year over year to $1,696,667 from $1,278,667 a 33% increase.
Certain segments of the market area starting to see softening of prices with fewer buyers in the market. Detached homes in Cougar Creek have come off their peak from a few months ago as have some townhouse complexes. Other segments are seeing continued strong pricing in particular the luxury market.
As we move towards the fall, we expect to see the seasonal increase in active listing rise. In a normal market which we are approaching, there is an increase in sales in the fall as well. Homes continue to sell with pricing and exposure being key. The continued national and international interest in the Canmore market requires a home to be showcased beyond our local market. Pricing is important for most sellers as there is now likely much more competition on the market than there was six months ago.
