Record Setting Sales and Stats!
The real estate market in Canmore is continuing to be very active with inventory continuing to drop and sales staying at all time highs. Typically, we see January and February as slower months and yet this year it was the 2nd and 9th busiest month of all time which continues the trend started last July. This unprecedented activity is staggering as we have seen 8 of the 9 busiest months of all time.
As an example, the number sales year over year was 322% increase for January and 188% increase for February comparing 2021 to 2020. The listing inventory does feel very low, especially for buyers that have been waiting for the right home to come to market. It is in line with the listing inventory from 2017 and 2018 but lower than 2019 and 2020. With the increase in activity now may be the time to get your property on the market if you have been considering selling your home.
Other metrics we use to track the market is List to Sales Ratio along with Months of Inventory. For List to Sales Ratio we are able to track the amount of negotiation on average taking place and what percentage of the asking price is the accepted offer landing at. In February this fell at 99.03%, a close second since we starting tracking the statistics close to 20 years ago. For months of inventory, it is how many months of the current sales activity would it take to sell all the existing inventory as of the 1st of the month. We typically see numbers around 4 to 6 months of inventory as being a balanced market with numbers higher than 6 being a buyers market and lower than 4 month of inventory being a sellers market. Our current months of inventory falls at 1.44 which is the lowest of all time making our current market the strongest sellers market we have seen.
While the current restrictions in place are limiting some activity including open houses to date, showings are still allowed with us following set guidelines for the safety of the everyone so please let us know if you have any questions or would like to get out to take a look at any properties. Traffic in Canmore has been less with the restrictions that have been in place however with the expected easing of some of those restrictions we expect to see the number of people coming to our area to increase.
With longer days and stunning weather, the time is right to enjoy all that our mountain lifestyle allows!