The seller’s market continues for real estate in the Bow Valley. While it might not seem like there is a lot on the market, we are in fact in a period of low standing inventory. Last month, there were over 100 new listings that came to market. Of the 111 properties listed in April, 46 have sold and 12 are conditionally sold. So while, there does not appear to be much available, in reality houses are coming on the market and then selling quickly.
What does this mean? As a buyer, it is important to trust your real estate professional to guide you on the process of purchasing a home. If a house ticks most of your boxes, you will need to be ready to offer on it within a day or two. Have all the documents to your lender so financing can start right away, speak with lawyers who can act on your behalf for closing and have your deposits accessible.
As a seller, there is likely a strong pool of potential buyers for your home. Taking the time to ensure you have excellent marketing and maximize the exposure of your home is key. A pre-listing property inspection is something to consider and have that document ready for potential buyers. This is a market of supply and demand rather than a market of comps. Take into consideration the recent sales and what is on the market when pricing your home.
Year over year, April real estate sales were up 808% to 109 sales. Active listings year over year are down 43% to 138 active listings. These are the properties actively on the market at the beginning of May. There is a constant flow of new listings coming on the market and homes selling. Overall, the Bow Valley real estate market (excluding Banff) has 1.25 months of inventory, which place us very much in a seller’s market.