Year over year, quarterly sales increased by 9% this past quarter. We continue to see sustained growth in the Canmore real estate market both in the resale and new construction segments. Over the past month, developers in Three Sisters have been selling lots and pre-construction at a blistering pace. Much of this strength of the market can be attributed to the overall lack of supply in the re-sale market.
We have recently sold a property in Three Sisters that shattered the previous re-sale record for a detached home in Three Sisters (excluding the Cairns) by $280,000. The luxury market in Canmore is starting to come back to life with four sales above $2,000,000 so far, this year; we are proud to have been involved with all four. At this point in 2016, there had only been one sale above $2,000,000.
As we head into Q3 and the summer season, we expect sales to remain strong. The July / August lull we traditionally had has not happened over the past few years. In fact, Q3 2016 was the year’s strongest quarter.
Overall, the market is currently sitting at three and a half months of inventory. Last year at this time, we were at seven and a half months. Active inventory on the MLS systems has just crept over the 200 market; while still 30% lower than levels in June 2016. All segments of the market except bare land are in seller’s market territory currently.
The exceptional levels of increases in values to the entry-level to mid-range of the market seem to be slowing slightly. There is still sustained increase in values, however we are not seeing the double-digit growth in prices. Sellers who really push pricing are starting to see some properties stay on the market longer.