December 2021 Real Estate Market Snapshot
I’m beginning to sound like a broken record… Heading into December and the last month of 2021, the biggest discussion point on Canmore and Bow Valley real estate is our low standing inventory. That is to say, homes that are well priced are selling in days which is leading to a low level of active listings. Currently, there are 106 properties for sale between Harvie Heights and Lac Des Arcs. This is the lowest level in 20 years with the previous low being 111 active listings in January of 2004. There are currently, 46 residential properties for sale: not including bare land. That is a 67% year over year decline in standing active listings. On the short term rental side, there are 53 active listings which is on par with December 2020. Month over month, there has been a 28% decline in active listings
Because of this unprecedented low standing inventory, we have experienced significant upward pressure on prices over the past 18 months. The average sale price amongst all residential properties was $1,030,000 in November with the median price reaching $962,500. For the first time, townhouse median prices are over $1,000,000 at $1,050,000. Detached and semi-detached homes had a median sale price of $1,186,384 in November.
With the strong demand in the market, we don’t foresee the typical winter slow down when it comes to sales. While we may see overall fewer sales in the next few months, that will be a factor of the low active inventory not a lack of demand. People who have considered selling their home may even take advantage of the demand and low inventory levels to come to market in January, which is typically a month we don’t see a lot of new listings.
The short term rental market of commercial visitor accommodation units and tourist homes remains strong. Overall, the market remains in seller’s territory with 53 active MLS listings. There have been several new projects come to market recently and we are excited to introduce Raven’s Peak to the marketpalce. You can find the link to Raven’s Peak on our market blog or sothebysrealty.ca. These are luxury short term rental townhouses centrally located in Teepee town with great walking access to Main Street, shops, and amenities.