The fall real estate market continued to roar in October with one of the best months this year for sales. There were 63 transactions up from 41 in October 2018 and 52 in September 2019. As we head into the winter market, the strength of the fall market could set us up for a stronger first quarter of 2020. Active listing inventory has decreased to 242 from July’s high of 281 properties on the market; this is still up from 205 in October of 2018. The higher levels of active properties for sale plus the new construction units that are not listed on the MLS have transitioned the Canmore and Bow Valley real estate markets into a more balanced territory. Currently, there are 3.8 months of inventory across all segments of the market.
Detached and semi-detached homes have 5.4 months of inventory with a three-moth median sale price of $989,000. Townhouses currently have 4.2 months of inventory with a three-month average sale price of $722,000. Apartment condominiums have 3.1 months of inventory with a three-month average sale price of $514,833. Hotel condos including fractional ownerships have 1.9 months of inventory and the median sale price in October was $411,862.
The reason for the decrease in active listings is a combination of strong sales in October and many properties coming off the market in November in anticipation of the coming winter market. As we close out the year, inventory levels should remain steady as November sales are not typically as strong as October. More properties will come off the market heading into the winter months. Come March, we do expect to see the typical rise in spring inventory levels.
The luxury market remains very much in a buyer’s market territory as the weak Alberta economy and election results continue the downward pressure on this segment. The trend we are seeing with buyers in this segment is they are looking for exceptional value.
Spring Creek Mountain Village continues to be a highly sought-after neighbourhood. The combination of Tourist Home use (short term rental) and the Spring Creek quality resulted in the new Tamarack building selling over 50% of their units on their opening weekend launch; the building will be complete in spring 2022.
