March Real Estate Update
And like that, the spring real estate market is here! Over the past few weeks, we have seen a dramatic shift in the number of showings and offers in Canmore; for certain types of properties, multiple offers are back. One of the big reasons for this is that our active residential listings in Canmore are still well below average with just 76 residential properties on the market heading into March. This is one fewer than at the beginning of February and 36% below the five year average. Short term rental listings are up to 32 from 25 last month. February sales were up over January which is what we would typically expect for this time of year. Year over year sales are down as anticipated however they remain on par with the seasonal markets of 2017, 2018 and 2019.
Our goal as your trusted real estate advisor is to maximize your home’s exposure to as large a pool of qualified buyers as possible. One of the challenges we are seeing in this market is that many properties are not even coming to market before having offers; potentially resulting in sellers leaving money on the table. Did you know, even with the temporary foreign buyer ban, there are nearly three million Canadian living abroad who are still able to purchase. That is one of the reasons it is imperative as seller you have a local, national, and international plan to maximize your exposure.
Demand remains strong throughout the market as buyers have become accustomed to the higher lending levels. Much of the hesitancy we saw last summer and fall seems to have dissipated. Overall, both the residential and short-term rental market are in a seller’s market. Year over year, the three-month average sale price has increased for townhomes, apartments and short-term rental use properties. The three-month median sale price for detached and semi-detached homes has also increased. Remembering that within all of these segments of the market, there are unique subsegments.
As the weather continues to warm and the days get longer, we will continue to see more new listings coming to market. In most instances, buyers still have the opportunity to have conditions with their offers; unlike spring of 2022. However, buyers must be ready to act and see property as soon as it comes to market. For buyers who are moving within the market, there are buyers within all segments of the market making it easier to have a sale of buyer’s home condition. Even with the seasonal rise in new listings, we don’t see a shift to a balanced market overall. The continued high demand from buyers from both within and outside of the market is resulting in new product being absorbed quickly
