Canmore Real Estate October 2021

Record breaking sales continue for 3rd quarter of 2021

It seems each year we revel about the stunning Fall weather we have. The royal blue skies with the beauty of the yellow larches invite us to get out and enjoy our mountain paradise.

The activity for the 3rd quarter of 2021 stayed very strong even if the sales were down significantly from the 4 previous record breaking quarters. If we take the last year out of the comparables, this last quarter was our strongest 3rd quarter of all time and the third strongest quarter of all time. Comparing quarter 3 of 2021 to that of the quarter 3 of 2019 (pre-pandemic) we see an increase of 12.5% in total sales.

Our current market continues to struggle with inventory in most all price and type segments. While total inventory does not show the entire picture, when we drill down we can see why buyers can be getting frustrated and having to have more patience than they would prefer.

If we remove the hotel condos and vacant lots the actual inventory is less than a hundred properties. Because of this lack of inventory we are still seeing multiple offers and properties selling very quickly when they come to market.

This most challenging segment of the market for inventory is the townhome condos with only 1.5 months of inventory*. The entire market is just over 3 months of inventory but if we remove the hotel condos and lots it is just 2.47 which is a strong sellers’ market.

If you have been thinking about selling your home, the time may be now. We are still seeing new buyers entering the market and as mentioned above, many buyers waiting for the right home to come to market. Please give me a call to discuss your property, the market and best timing.

*Months of Inventory (Also called Months of Supply) definition – This is the number of months to sell the current number of listings using the number of sales from last month – note this does not take into account new listings coming to market. While we consider 3-6 months of supply a balanced market you often need to break it down into market types and market season to get the full picture.