Few properties for sale, multiple offers, and near record sales are becoming the norm for real estate in Canmore and the Bow Valley. May was no exception with sales surging back to 58 MLS transactions (not including some developer pre-sales); this is up from 40 sales in May of 2016. Over the past three months, there have been 165 sales compared to 147 the same period last year a 12% increase year over year. The amount of homes actively for sale having risen slightly but remain far below what we have recently experienced in the spring markets. Currently, we have 197 active listings in the Bow Valley compared to 288 in 2016 and 325 in 2015; inventory is now 31.5% lower than last year.
Values are continuing to increase throughout most segments of the market. The three month median sales price for detached and semi-detached homes has increased $158,000 to $952,000 from the same period last year. The average sale price of detached and semi-detached homes in May was $1,153,987. Apartment condominiums had an average sales price in May of $432,492 and a median price of $407,000. For townhouses, the three month average sale price has increased to $651,861 from $556,680 in 2016.
As we move into the summer months we do not expect to see much of a seasonal slowdown in terms of sales. With increased visitors to the area, the local tourism economy will remain very strong at the same time as we see more second home purchasers in Town.