November Real Estate News
The pulse of Canmore’s real estate market continues to beat strongly as we navigate through the 2023 calendar year. Market dynamics exhibit a vibrant ebb and flow that savvy buyers and sellers should be aware of. As we shift into a late fall real estate market, sales in October declined month over month. Year over year, residential sales in October were up to 26 from 22 and short-term rental use property sales rose to 15 from 11. Active listings are slowly stating to rise as well; residential active listings increased month over month by 11 units to 120 properties. Short term rental use properties decreased month over month by 4 to 38 units. Year over year, residential properties for sale in November have increased by 14%. Residential listing still remain below both the 5 and 10 year averages for November.
Our latest chart on inventory levels for detached and semi-detached homes shows a fascinating trend. From a dramatic spike in inventory levels in early 2020, the market has corrected into a pattern that oscillates between a seller’s and a balanced market. As of now, we are teetering on the edge of a balanced market, which means opportunities for both buyers and sellers.
In terms of pricing, the Canmore market presents a tapestry of resilience and robust demand. The average and median sale prices of detached and semi-detached homes have witnessed fluctuations, yet they maintain a steady upward trajectory over the long term. The recent data suggests that while the market has seen some cooling, with prices slightly retracting from their peaks, the overall value remains strong.
New active listings are outpacing sales as we move further into the fall market. Significantly, there has been an average of 1.3 price changes per day over the past 30 days. While sales remain steady, we are seeing prices being reduced by sellers to achieve these sales. Depending on the segment of the market, we are seeing certain properties having transitioned to a buyer’s market while others are still very much in a seller’s market. Our expectation would be that in general if a property has been on the market more than a few weeks, a buyer has the opportunity to negotiate a favourable price and terms. This is a great opportunity for buyers that have been looking to move within the market and might have a sale of buyer’s home conditions.
Whether you’re looking to invest in a mountain retreat or divest an existing property, the current state of the market offers strategic openings. Buyers can leverage the balance in the market to negotiate favorable terms, while sellers can capitalize on the sustained property values to list their homes.
For both parties, understanding the nuanced movements of the market is crucial. Partnering with an experienced real estate professional who can provide tailored insights and strategy is more valuable than ever.
Stay updated on Canmore’s real estate landscape by connecting with us for personalized advice and expert market analysis. Let’s make your real estate goals a reality in the heart of the Canadian Rockies.