As expected, the real estate market in Canmore and the Bow Valley had a seasonal return to normallity in January. Inventory levels are starting to rise now that we have reached February as expection of a busy spring market builds. Currently, there are 160 listing on the market; while only 112 of those are move in residential homes. There has been a significant increase in lots as new developments come online.
Moving into the spring real estate market, we expect to see a moderate increase in the amount of homes on the market. However, there appears to be a lot of pentup demand and we do not expect these high inventory numbers to linger. Last year, April was an outsanding month for sales; we expect to see better sales in February with a spike in March – May.
On the whole, the market is lingering in sellers marekt territory. This month we saw a spike in the absorption rate for single family homes. This is a fairly typical season spike with new product coming to market and slower sales post Christmas. When we look at our 14 year trend graph, the seasonal patterns to the Canmore real estate market are returning. (Slower winter sales and a seasonal increase in listings.)