Listings Holding Steady
As we enter the fall real estate market in the Bow Valley, listing inventory remains stable. With 280 active listing on the market, inventory is up significantly over this time last year when there were 219 active listing. As we move through the fall market, we expect active listing to top out around 300. Month over month, sales decreased in August which is typical for the summer months; there were 48 sales last month which is on part with sales in 2018.
Overall, the market is balanced with certain segments still seeing price growth. The three-month average sale price for townhouse properties is $689,000 up from $676,000 in the same period of 2018. As apartment demand remains strong both in the entry level of the market and some larger single level sales, the three-month average rose to $558,000 from $484,000. With the lack of sales in the upper range of the market for detached and semi-detached homes, the median sale price of these homes has decreased to $881,667. This does not reflect a softening in prices in the entry to mid-range of the market, but a lack of sales in the upper end. The average sale price for a detached / semi-detached home in the Bow Valley in August was $1,152,000.
When looking at multi-year price growth, since 2016 the median price in all segments has increased. Detached / semi-detached homes have grown from $850,000 to $975,000 in the past three years. Townhouse properties have increased from $590,000 to $700,000. Apartments increased from $410,000 to $500,000. Hotel condominium units have had the greatest price growth from $250,000 to $450,000 in three years.
Sales will remain strong through the next few months with a good selection of properties on the market right now