Canmore & Bow Valley Real Estate Market Report - Q3 2024
The third quarter of 2024 has been a vibrant period for the Canmore and Bow Valley real estate market, marked by a significant milestone, evolving trends, and changing market dynamics. With a record-high average sale price for detached and semi-detached homes and inventory fluctuations across various property types, this quarter provides valuable insights for both buyers and sellers.
Record-High Average Sale Price for Detached and Semi-Detached Homes
Q3 2024 saw the average sale price for detached and semi-detached homes reach a new high of $2,166,747, the first time the average has ever exceeded $2,000,000. This milestone is largely due to strong sales in the luxury segment, as high-end properties continue to attract interest from local, national, and international ex-pat buyers. The median sale price for detached and semi-detached homes was $1,805,000, which is in line with Q3 2023, indicating sustained demand for these property types despite market fluctuations.
Inventory Levels Across Property Types
Inventory levels for various property types have shown some fluctuation throughout Q3, with a general increase in active listings compared to the previous quarters. However, overall standing inventory levels remain relatively low, keeping the market competitive and favorable for sellers. Below is a breakdown of the current inventory situation:
Detached & Semi-Detached Homes: Inventory levels have moved closer to a balanced market but remain well below pre-pandemic levels. Inventory has increased since the lows in early spring of 2024. With a large variety of home types in the area, some segments remain in a seller’s market while others are more balanced.
Townhouses: Inventory for townhouses has also seen some growth, moving closer to a balanced market after being in a seller’s market for much of the year. Buyers now have a broader selection, but demand remains strong, especially for well-priced properties. We proudly represented the first ever new construction townhouse sale in South Canmore which broke the $2,000,000 mark this past quarter.
Apartment Condos: The inventory levels for apartment condos have shown periodic spikes, reflecting volatility in the market. The condo market has transitioned back to a seller’s market after spending the summer months in a buyer’s / balanced market.
Short-Term Rental Properties: Short-term rental properties, which include tourist homes and visitor accommodation, have experienced a decrease in sales volumes. This is partly due to the unique impact of the sales launch of a hotel project on Bow Valley Trail in 2023, which skewed year-over-year comparisons and low levels of resale properties available
Sales Trends and Days on Market
The average days on market (DOM) for properties in Q3 2024 were relatively consistent with previous quarters, reflecting a steady pace of sales and continued buyer interest. Detached and semi-detached homes typically sold faster than other property types, given the heightened demand and limited inventory in this segment. The DOM for short-term rental properties and townhouses has been more variable, depending on the specific properties and developments on the market at any given time.
Median and Average Sale Price Trends
The median and average sale prices across all property types have shown a continued upward trajectory over the last quarter. Detached and semi-detached homes continue to lead the market in terms of price growth. The townhouse and apartment condo segments have also shown positive price appreciation, albeit at a slower pace.
Outlook for Q4 2024 and Beyond
As we move into the final quarter of 2024, the Canmore real estate market is poised to remain competitive, especially in the entry level detached home market. Limited inventory, coupled with sustained demand, is likely to continue driving prices upwards. Sellers are in an advantageous position, and buyers are encouraged to act decisively, particularly in the luxury and single-family home markets.
For those considering selling or buying in the Canmore area, understanding these market trends is crucial. As always, working with an experienced real estate advisor can make all the difference in navigating this evolving landscape.
Contact us today to discuss how these trends may impact your buying or selling decisions and to get personalized advice for your real estate needs.
