It is spring in the Bow Valley – a great time where you can ski, climb, bike, golf and enjoy a patio all on the same day. As the weather warmed up in March, we saw the beginning of the spring selling season here in Canmore. Monthly sales picked up significantly to 49 sales last month up from 34 in February, a 44% increase. Interestingly, while there have been some new listings coming to market, month over month inventory is only up 2% to 209 active listings in Canmore, Harvie Heights, Exshaw, Lac Des Arcs and Dead Man’s Flats. Year over year, there has been an 18% increase in inventory up from 177 active listing at this time last year.
The first quarter of 2019 has been a good start to the year with year over year quarterly sales increasing 4.8% to 108 transactions. This past quarter was the first time since 2016 that Q1 had more sales than the previous Q4. With the relatively low inventory levels and strong sales, the market has transitioned back into a balanced market. Certain segments remain very much in buyer’s market territory, in particular the luxury single family home market.
Prices in most segments of the market continue to see upward growth. Detached and semi-detached median home prices rose from Q1 ’18 to Q1 ’19 by $24,000 to $874,500; transactions decreased by three sales to 27. Townhouse median prices increased 12% to $708,750 with two more sales year over year for a total of 22. The apartment condominium segment saw significant growth in transactions with 14 additional sales for a total of 40 sales and the median price rising 6% to $458,750. Hotel condo sales dropped year over year down seven sales to 15 transactions while the median price increased 23% to $450,000.
We expect to see continued strong sales over the next few months and more homes coming to the market as the spring market really gets going.