Canmore Real Estate August 2021

Listing Inventory Staying Low

The market continues to surprise, with continued interest from buyers combined with an ongoing lack of inventory. For buyers, this means being more flexible in their search or more patient in the process. While we are still seeing some multiple offer situations, it is not nearly to the extent that it was in the spring. Now saying that, we can still see a high demand property create that environment.

The most active segment of the market in July was townhomes, which represented almost a third of all sales, up from 27.6% and 22.5% of all sales in June and May, respectively. On the opposite end of the spectrum, we saw hotel condo sales represent just 8% of the sales in July while that segment represented 15% and 25% respectively in June and May (both months had more total sales as well).

As referenced in the title, the listing inventory is staying quite low. While you will see an increase month over month of 12 additional listings, that includes 22 new lots that were listed 20 minutes east of Canmore so if you remove those, we actually have 10 less listing from a month ago. We do typically see listing inventory rise through the summer and then go down in the fall, so we are hopeful in expecting more new listings in the next 4-6 weeks.

We are still fully in a seller’s market with “low month of supply” (also called months of inventory) numbers. It is interesting to note we are seeing buyers being patient while pushing back if they feel a property is overpriced to what the buyer feels the marketplace is showing. We did see the median Days on Market increase to over 40 which we have not seen for 5 months time.