After a brief slowdown of sales through July and August, September real estate sales in Canmore and the Bow Valley have picked up. This is a more typical trend that we have seen in the past with the summer months having slower sales. Third quarter sales recorded 134 transactions down from Q2’s 162. The slower summer sales resulted in a much slower Q3 ’17 than Q3 ’16. Typically, we would expect a seasonal increase in properties on the market through the fall months however this has not yet materialized; month over month inventory has decreased this month.
September sales were up to 54 transactions from August’s 42 and up year over year from 50 in September 2016. Apartments, hotel condominiums and lots all saw higher sales volumes this past month. A lot in Prospect Heights set a new sales record in September selling for $2,350,000; there has not been a month with this many lot sales since March of 2014.
Average and median sales prices continue to increase on a year over year basis. The three month average sale price of a townhome has risen over $100,000 in the past year. Apartment condominiums have increased $110,000 on a three month average year over year. The median three month price for a detached / semi-detached home has increased $80,000 over the past year. These prices increases are a combination of low inventory, high demand and the return of the luxury market.
Looking forward through the remainder of the fall market we expect consistent sales and steady levels of inventory. As we move into the winter months we expect to see both lower sales and inventory. The upward pressure on pricing may relax slightly as sales volumes slow through the summer months. The strength of the market in the Bow Valley has been extraordinary and as the economy recovers in the rest of Alberta we expect even stronger sales.