2018 will be another strong year!
With the excitement of a new year it is a wonderful time to look forward into what 2018 will bring. As we enter 2018 the listing inventory remains seasonally quite low with 134 active listings on the market. While that seems incredibly low from the peak of close to 500 listings in the Summer of 2009, it is a slight rise of 10% over the active listing inventory in January 2017. The best way to look toward the future is to look at where the market has been. Last year saw most of our buyer clients that were prepared to move swiftly make a purchase in the fast moving market, we expect this year to be similar on many price points.
With our small sample size, the best numbers to use are year over year sales data. The total sales volume in 2017 was within 1% of the number of sales in 2016. We saw a rise in the median sales price year over year in all market segments. The strongest median sales price increase year over year was the duplex market however the sample size was small with 35 sales. The condo market saw a rise in the median sales price of over 15% while the recreation or hotel condo market saw an increase of just under 9.5%. Single family homes Median sale price only had an increase of just under 8% however the average sales price saw an increase of close to 20%. The single family home discrepancy between the average and median price can be directly related to the fact that sales over 1.5 million dollars increased 85% in 2017 over 2016 showing renewed confidence after the slow down that resulted after Oil prices fell so low in 2015.
It is nice to see the consistency of the year over year sales over the last 5 years with strong stability on 2016 and 2017. The market segment that the sales have grown over the last seven years steadily is the recreational market of Visitor Accommodation and Tourist home zoned homes.
http://www.canmorerealestate.com/understanding-canmore-zoning
The interesting part is that with the challenges for financing with this zoning we are still seeing this growth.
We are excited for 2018 even though the last two quarters of 2017 were not as strong (however the strength of Q1 and Q2 made it a solid year in 2017) and cautiously expect the market to stay strong and steady. We hope the Alberta economy continues to strengthen with potential for more international buyers unless we see the Canadian Dollar gain too much on the US Dollar. If we stay under .88 cents I feel we will continue to see a stable to strong market in Canmore and Banff and surrounding area.
YEARLY MARKET STATISTICS
QUARTERLY MARKET STATISTICS
MONTHLY MARKET STATISTICS
