Very Positive Outlook for Canmore moving through 2019
The first quarter of 2019 has just passed and Spring feels like it has finally arrived! It was great to see the sun and blue sky on this past Easter long weekend. The ski season is winding down and the mountains are stunning with the white snow on the peaks as we begin to start seeing more and more green.
As we think about putting away the Winter gear, we are excited for all the Summer recreational activities that continue to make Canmore a destination for new full time residents, retirees, weekenders and those looking for a holiday escape.
Last year at this time we were speaking a lot about a Balanced Market. This year however the market is moving towards being a Seller's Market in many of the market segments. We have seen a lack of inventory in condos priced below $600,000 and single family homes under $900,000. As we move up the price scale we continue to have an active market. In the upper end of the market over $2,000,000 we have not seen much movement this year until recently, but do expect the strength of the rest of our market plus the recent Alberta Election results and hearing that some other parts of Alberta has seen an increase in activity to help bolster this segment of our market.
As we look at our quarterly statistics, we see a consistent days on market (DOM) with increases in Quarter 1, which we have seen historically with a slight slowdown before Christmas driving that.
Comparing our first quarter in 2019 to the first quarter in 2018 we see the following:
For Single Family Homes we saw the average price increase 15% yet the median went down 7%.
For Townhome Condos we saw the average price increase 38% and the median increased 30%.
For Apartment Style Condos we saw the average price increase 11% and the median increased 9%.
Lastly for Hotel Condos we saw the most dramatic results as the interest in condos went up dramatically and hence the average price increased 107% and the median price increased 81%.
Our active inventory is approximately 25% higher than it has been in April of the last two years, however 20% lower than three years ago. Along with that our months of inventory (MOI) calculation came back to strong levels last month, but is still lower than 2018.
**Months of inventory is a calculation of the numbers of months it would take to sell all the currently listings with no new inventory coming to Market based on the number of past sales**
