An exciting time in the Bow Valley! The Olympics are just hours away, Hometown Hockey is taking over Canmore this weekend, and the skiing is great! We are busy getting ready for the spring real estate market and enjoying the winter weather.
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A seasonal start to the year in the Bow Valley. January is typically one of the slowest months of the year for sales and 2018 has started off with 25 sales this past month. The amount of properties on the market are the major consideration this moth as there are currently 154 listings on the market; 118 listing are move in residential properties while the remainder are lots and hotel condos. This represents just six months of inventory in the market which is in the balanced market terriorty. As we enter the spring market next month, we expect the overall market to shift back to seller’s market inventory.
Year over year, sales for January are relatively stable with 2017 having had 28 sales. Inventory is down on a year over year basis from 159 active listings in 2017 to 154 currently on the market. Generally, sale prices both median and average are up on a year over year basis while listing prices have remained steady. For the first time in many years there is a lack of luxury homes on the market.
Heading into the spring market, we expect to see and increase in inventory moving towards the 200 active lisitng market by early summer. Sales will pick up in March as the days get warmer / lighter and more homes come to market. So far, we have not experienced any major challenges with the new mortage rules that have come into effect. We do expect that the lower end of the market might be somewhat slower as making the move into a first home is more challenging with the mortgage rules and high values we have in the area.