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March 2019 Real Estate Market Update

It may not feel like it today, but spring is right around the corner. That means deep storms at the ski hills, the beginning of bike trails thawing out, more homes coming to market and a seasonal increase in sales. We have noticed showings staring to pick up over the past week as our days get longer and more people start considering their spring move.

This February, sales increased to 34 sales from 2018’s 31 sales; there was a month over month increase from January’s 26 sales. The heights of the 2017 market are behind us when there were 50 sales in February. Overall, the market has transitioned into a more balanced market with only certain pockets remaining in a seller’s market. Month over month, active listings have increased to 204 listing from 189; year over year, listings have increased from 150. Even with an increase of 54 listings, we have similar inventory levels to the mid-2000s and hundreds of more properties built.

Apartment condos led the market this past month with 12 sales and a median sale price of $480,500. Detached and semi-detached were the second strongest with eight sales and a median sale price of $879,500 as smaller homes sold and no luxury transactions took place last month. Commercial visitor accommodation units were next with seven sales and a median price of $541,000. Townhomes had a massive jump in median sale price to $973,000 this month with five sales including two luxury creek side units in Spring Creek Mountain Village. The two lot sales were both redevelopment lots with fourplex zoning selling for an average of $1,250,000.

We are witnessing and incredible amount of construction in the Bow Valley currently; multiple custom homes under construction in Silvertip, detached through to apartment buildings in Stewart Creek, Spring Creek buildings going up and infill developments in the Valley bottom. Depending on what a buyer is looking for, there is a great selection of properties available.

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