Canmore Real Estate Market's Highest Sales Number for 2019
2020… A new decade has begun. We love the turn of the year as we get to track our market which paints a much clearer image of the trends as our small market size means that monthly and sometimes even quarterly numbers can easily be askew with the lack of data.
The Canmore Real Estate market has the highest sales number ever in 2019 with a 12.7% increase in properties sold over 2018, and less than a percentage increase over the markets top sales years of 2005 and 2016. Our months of inventory statistic is an interesting way to track if the market is either balanced, a buyers market or a sellers market. The year started in a buyers market but quickly moved to a sellers market for the Spring months of March through May, and then stayed in a very balanced market until the slower months of November and December. Year over year numbers showed increases for all average prices except duplexes (with limited duplexes and lot sales in the market we see more non-trending swings in their numbers). Leading the pack, the recreational market continues to be the largest year over year increase in both average sale price and median sale price by 14.89% and 9.10% respectively.
For average median prices in the other types of properties the change was quite minimal so it is hard to see a trend. Seeing these numbers and the listing inventory still quite low we do expect our market to continue to be quite strong. While we may not see the sales numbers quite as high as 2019 we have seen more and more buyers starting to look in the higher end of the market while the entry level price point continues to increase. Our listing inventory should increase through the year, as it typically does, however we may see a lower average listing inventory which may lead to higher prices.