The Lack of Inventory Continues
The fall has arrived and with it some cooler evenings with glorious days for all the fun mountain activities.
Our market did see a bit of a slowdown through the middle of summer and we have seen an increase in new buyer inquiries and an increase in number of showings through the beginning of September which would be typical for both.
Other than 2020 the sales in July and August were very strong compared to previous summers. The number of sales dropping from the record breaking numbers of the last year was to be expected as our listing inventory has dropped so buyers are either having to expand their buying parameters or be patient and wait.
Looking further into the lack of inventory, when we remove hotel condos and vacant land we have less than 100 listings on the market which includes only 4 half duplexes, 9 townhomes, 39 single family homes and 44 apartment style units. For half duplex and townhomes this is less than one month inventory.
We will have even more information and analysis next month as we can see the Quarterly statistics which are a much better at evaluating pricing as the sample size is larger ,however, in August we saw more movement in the mid to lower price segments of the market.
We have started to see a more typical (historically) buyer that is looking for a mountain retreat for weekend use with goals of a long term move here in the future along with those that are deciding to make Canmore their primary home!
We are excepting a busier Fall as long as the supply of product comes as it typically does. Have a great month and please remember I am here to help you or anyone you know for all of your real estate needs. I am never too busy for your referrals.