Spring Real Estate Market News for Canmore & The Bow Valley
A bustling real estate market is a sure sign of spring in the Bow Valley; the past six weeks have seen the market pick up significantly! This past month, there were 65 sales up from last month’s 60 sales (*note there were 90 MLS transactions in April with a developer posting 30 sales). The number of homes and properties for sale has been steadily increasing as anticipated and there are currently 261 active listings. This is our highest inventory since July of 2016, however we still only have four months of inventory across the market.
Detached and semi-detached home inventory increased by 15% month over month while the sales of these properties increased 91% month over month. There are 105 active properties for sale and 23 sales last month. The median price in May for a detached / semi-detachd home was $1,100,000.
Townhouse sales decreased month over month; however year over year the three month average price increased 7.5% to $666,795. The Median sale price in May was $591,500. Apartment style condominium median sales prices were $412,000; hotel condominiums $449,000; and residential lots $900,000.
We expect to see sales remain steady for the next few months and active listings increase slightly through the summer.