March 2020 Real Estate Market Update

Spring has sprung early in the Bow Valley’s real estate market. February sales shot up to 51 last month from 25 in January. Year over year, sales were up from 34 in 2019. This is probably due to the much warmer February this year, more supply on the market and favourable interest rates. Month over month, active listings are steady but up year over year 19% to 243 total properties for sale. One the residential side of the market, there are currently 201 active listings up from 180 at the same time last year.

The trend for single family homes continued decline in both the average and median sale price over the past three years as the luxury end ($1,800,000+) of the market remains sluggish. Sales remain strong in the entry level and mid-range with prices increasing slightly. The trendlines for townhomes, apartments and hotel condos has continued to climb over the past three years.

Monthly Stats

Detached and Semi-Detached Homes:

13 Sales ­ 62.5% y/y

Average Sale Price $868,031 ¯ 1.6% y/y

Median Sale Price $768,000 ¯ 12.7% y/y

Townhouse Condominiums:

15 Sales ­ 200% y/y

Average Sale Price $652,164 ¯ 33.5% y/y

Median Sale Price $680,000 ¯ 30% y/y

Apartment Condominiums:

16 Sales ­ 33% y/y

Average Sale Price $569,058 ­ 17.9% y/y

Median Sale Price $493,689 ­ 2.7% y/y

Hotel Condominiums:

7 Sales = 0% y/y

Average Sale Price $544,232 ­ 20% y/y

Median Sale Price $607,040 ­ 12.2% y/y