Heading into the summer we are seeing listing inventory stabilize and sales steading off. In June there were 83 MLS recorded sales in Canmore, Exshaw, Harvie Heights, Lac Des Arcs and Dead Man’s Flats; down from 88 in May for a 6% decline in sales. The five year average for June sales is 59 MLS transactions. Currently, at the beginning of July, in the same areas of the Bow Valley there are 188 active listings, up from 182 last month: a 3% increase. Overall, Q2 2021 was again one of the strongest quarters on record for real estate sales in the Canmore area. There were 276 MLS transactions a 225% increase year over year when the economy was locked down. From Q1 to Q2 2021 there was a decrease in sales of 10% as some of the urgency of the market dissipates. Overall, the Bow Valley’s real estate market is still very much in a seller’s market with 2.27 months of inventory; last year at this time, there was 7.47 months of inventory on the market. Active listings are still 42% below where they were last September.
The median sale price for detached and semi-detached homes in Q2 was $1,297,500 a 26.58% increase year over year and a 11.24% increase from Q1 2021. The townhouse median sale price was $680,013 last quarter a 10.4% decrease year over year; there was a 272% increase in sales and the larger number of sales and types of properties sold brought the median down. Prices have not decreased and when looking at most segments have most certainly increased year over year. The median apartment condominium price in Q2 was $575,000 a 30% increase in value year over year. Again, the sample size plays a factor with sales having increased 259% year over year. Short term rental units (Tourist Home and Commercial Visitor Accommodation) properties had a median price of $624,225 in Q2 an increase of 32% from Q1 and 117% from Q1 2020.
Through the summer months, we expect to see listing inventory continuing to rise to above 200 active listings. Sales will remain strong and more than likely we will stay in a seller’s market for the next few months. The rapid price rises that we experienced in the first half of 2021 seem to be slowing somewhat as the frenzy in the market is slowing. With the strong demand and still historically low levels of inventory, prices will continue to remain strong and rise in certain segments for the near term.