Canmore Real Estate Newsletter October 2020

Record Year For Real Estate Continues

As we start to see some fresh snow and the ski hills opening, we are continuing to be so thankful that we live in this mountain paradise!

2020 has been quite the year for Real Estate in the Bow Valley. While we saw record low sales of course through the lockdown in the Spring, the market has been so incredibly strong since late June that we saw the highest month in our market in July and the second highest most recently in October (just one sale below July).

For quarterly numbers, which we prefer to use as the numbers tend to provide more clarity, the activity for the 3rd quarter of 2020 blows away any other quarter EVER. With a 36% increase over the next busiest quarter, which was the 2nd quarter of 2006 and more than double that of the average number of sales of any quarter, it shows the attraction people are having to our market as the ability to choose where you live continues to gain momentum.

Even with our record low amount of sales in the 2nd quarter due to the pandemic we are catching up to the number of sales in many of the top years previously. While we generally see a lesser number of sales in November and December our market is trending to have the strongest year ever. A goal of 45 more total sales in these last 2 months of the year and  2020 will be a record year. It's hard to believe. 
While most market segments have seen stable pricing, we did see an increase in the average and median sale prices of apartment style condos as we continue to see more and more higher end units come to market and sell. The average days on market continues to be quite stable with the average over the quarter at 67 and median at 46 DOM. We have noticed more and more properties with pent up demand that come on the market and are priced right tend to sell very quickly and sometimes above asking with multiple offers.

Our listing inventory is also interesting to look at as we see the total listings are 5% higher that November 1, 2019, however digging into those numbers does bring about more information. We see an increase of 157 percent and 295% in the number of apartment style units and hotel condos respectively while we are seeing a reduction in all other property types of anywhere from 40% to 20%.