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Market Update

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. 

STAY INSPIRED

Looking for something new and fun to do? Check out some of these wonderful ways to liven up your home time!

The Metropolitan Opera offers free streams of screenings of some of their biggest hits from recent seasons. 

 

The Metropolitan Museum of Art allows you to enjoy their entire collection online covering 5,000 years of art history. This may take you a few days! There are also 360 degree street view tours of various galleries at the Met and the Met Breuer. 

 

Take a virtual tour of one of the world’s most remote places, Easter Island.

The Irish Mule

For a St. Paddy’s take on the classic Moscow Mule, try this refreshing and easy cocktail! 

Ingredients:

  • 2 oz. Irish whiskey
  • 1 oz. Lime juice (Half a lime)
  • Approx. 3 oz. ginger beer
  • ½ cup of ice
  • Fresh mint sprig for garnish

Instructions:

Fill a glass tumbler (or copper mug) with ice, then pour in 2 oz. of Irish whiskey. Juice half a lime (approx. 1 oz.) directly into the glass. Fill the glass with ginger beer and stir to mix everything together. For extra aromatic effect, add a fresh mint sprig. Enjoy!

Recipe & Photo courtesy of vinepair.com

Market Update

The February market was very active in Canmore with 45 sales, up from 21 sales in January and also significantly up from February 2019 which saw a total of 30 sales. The average sale price in February was $693,940 which is up only marginally from last year’s February average of $687,875. The majority of sales activity last month were below $860,000, with only 5 sales transacting above that amount. With only 3 sales over $1,000,000 and the highest sale at $1,950,000, the luxury end of the market is quiet at present. With concerns over the coronavirus and the oil price war, we’re likely to see a continued slowdown in absorption of luxury homes in Canmore. Hotel condos or Tourist zoned properties, that allow for short term rental accounted for 18% of the market share in February. 

There were a total of 83 new listings brought to market in February, which helps out with the low inventory numbers we’ve had for an extended time period. Our current listing inventory is sitting at 225 properties, 29 of which are fractional ownership or hotel condo properties. 

MARKET UPDATE

The market in December 2019 was slightly stronger than the previous year, both in sales volume and average sale price. This past month saw 20 sales with an average sale price of $657,305 compared to December 2018’s total of 17 sales with an average sale price of $624,712. The upper end of the market was very quiet last month, with only one sale above $1,000,000. This was a tourist zoned (short term rental or full time usage) penthouse property at Spring Creek that sold for $1,120,000. There were only 6 sales in Canmore over $700,000 last month, with the $600,000 – $700,000 sector of the market being a very active range for sales.

There was a total of 29 new listings that came to market in December 2019, which is very close to the previous December’s new listing total of 31 properties.

Our current inventory in Canmore is very low, with only 186 properties properties for sale, 22 of which are fractional ownership or hotel condo properties. Although absorption is a bit slow at the moment, this is a good time to list your property for sale and there is such limited inventory in most sectors of the market.

MARKET UPDATE

November 2019 was down in volume from last year, with 9 fewer sales for the month than in 2018. There were also far fewer sales in the upper end of the market last month than the year previous, resulting in a substantially lower average sale price. This November, Canmore had only 2 sales above $1,000,000 including one South Canmore home sale over $2,000,000. The average sale price of property in Canmore last month was $664,971. In November 2018, there were 10 sales over $1,000,000, including 2 sales over $2,000,000, which resulted in an unusually high average sale price of $812,086.

New listings for the month of November 2019 were a total of 50, which is on par with the last November’s new listings total of 51.

The current number of listings on the market in Canmore are 201 properties.