The first half of March performed quite well with a good number of sales. Activity did slow down mid month, when advisories were made due to COVID-19 for people to stay at home as much as possible. Sales continued throughout the last half of March, but at a slower pace with the end tally of 27 sales in Canmore for the month. This is a 40% reduction of sales from March 2019 which saw 45 sales.
The majority of the activity in Canmore in March was below $1,000,000, with the largest number of sales in the $600,000 to $699,000 price range. Despite there being only two sales over $1,000,000 last month, the average sale price remained strong at $721,173 which is up over March 2019’s average sale price of $690,306. March 2019 had 9 sales over $1,000,000. The highest property sale last month was a single family home in Silvertip which sold for $1,700,000.
We have not yet seen an unusual amount of new listings coming to market with the uncertain times. There were 70 new listings in March, down slightly from March 2019’s new listings of 75 properties. Most people currently seem to be of the mindset of waiting to see what happens in the coming months.
Our current inventory in Canmore remains low with 217 properties for sale, 11 of which are fractional ownership listings and 10 luxury properties over $2,000,000.