Record Low Listing Inventory the Biggest Story for Q4
We received our first substantial snowfall of the season at the end of October and the ski hills are open!
The market continues to be quite active with the major limiting factor being the listing inventory. If we take out hotel condos and lots, the listing inventory sits at 75 as of November 1st. The previous comparable low 17+ years ago was 84 so 10+% lower still than a decade and half ago.
We are seeing this affect the market in a few ways including multiple offers on quite a few properties as soon as they hit the market,. We are also seeing some higher priced listings along with listings that historically have been more challenging to sell come back to market.
Due to the low listing inventory, we are expecting the market to continue to be more active closer to Christmas this year with more sellers who are thinking of selling to list as soon as they are ready, rather than waiting until the new year, which would be similar to 2020. We are hopeful this will help increase our listing inventory.
The monthly numbers for sales in October are skewed higher as they include 76 hotel condos that were presold and all inputted this month along with 11 lot sales from the Kananaskis Guest Ranch area that were also inputted all at once. Even with those included, the last 4 months of sales did not match the record number from 2020. It is since this period in 2020 we have seen continued steady strong sales which has resulted in that lack of inventory we have now. These quick sales also reduced the days on market and months of supply.
In the other property types, we are continuing to see very low months of supply with Single Family Homes at 1.47, Townhomes at .60, and Apartment Condos at 2.18. With a balanced market generally being between 3 and 6 months of supply we are definitely still in a sellers’ market.