A dynamic market is taking shape in the Bow Valley with both active listings and sales rising in July. Sales rose to 59 from 47 in June and up year over year from 49 in July 2018. Inventory has been steadily on the rise since January, climbing to 281 active listings from 190 at the start of the year; month over month listings increased from 277 in June. In July 2018, there were 216 active listings. As the inventory levels have increased, there has become significantly more selection for buyers. Entry level townhomes under $700,000 remain quite scarce while the selection of single family homes over $1,000,000 continues to climb.
Within the Bow Valley’s real estate market, there are a variety of sub-markets with some very much in a seller’s market and some very much in a buyer’s market. Even various areas of Canmore are experiencing sub markets with a significant amount of the current active inventory for sale in the Stewart Creek area of Three Sisters. Among many segments of the market the price growth has tapered and values are starting to plateau in some areas. Strategic and correct pricing is becoming more important as the competition rises for many homes.
Detached and Semi Detached Average Sale Price $935,315 Median Sale Price $800,000
Townhouse Average Sale Price $638,743 Median Sale Price $612,500
Apartment Condo Average Sale Price $561,036 Median Sale Price $434,500
Hotel Condo Average Sale Price $352,660 Median Sale Price $425,000
We expect inventory to continue to climb towards 300 active listings as we move towards a fall market. Sales should remain strong through the fall as tourism’s trickle down feeds the local market. We may see a bump in the luxury post federal election depending on the result and if there is renewed confidence in the Alberta economy.