Canmore Real Estate Market Update: November 2024
As we transition into winter, the Canmore real estate market continues to show resilience and dynamic activity across property types. Whether you're considering buying or selling a home, townhome, or investment property, here's what you need to know about the current market trends.
Year-Over-Year Trends
- Residential sales dropped slightly to 26 in November 2024, compared to 29 in November 2023.
- Residential listings increased year-over-year to 127 from 114, reflecting more options for buyers.
- Listings of short-term rental properties rose to 35 in December 2024, up from 33 in December 2023.
Month-Over-Month Activity
- Total residential listings edged up slightly to 127 from 124.
- Month-over-month total sales fell from 47 to 38, marking the end of the fall market.
- Short-term rental sales remained steady at 12.
Pricing Insights
The average price for detached and semi-detached homes saw a decline this past month due to more entry-level and mid-range homes being sold. The highest sale for November was $2,295,000, while the lowest was $895,000. Despite this monthly dip, the year-over-year three-month trend indicates average prices are generally higher compared to last year.
It's important to note that price fluctuations in Canmore's small market are common. A few high-end sales can significantly impact averages, so understanding the nuances of market trends is key for both buyers and sellers.
Market Balance
Demand remains strong across most property segments, keeping the market balanced or leaning towards a seller’s market. Low inventory levels are maintaining price stability, even as we head into the typically slower winter months.
Planning Ahead
As we approach the holiday season, market activity tends to slow, but serious buyers remain active. If you're considering a move in the new year, now is the perfect time to strategize. Low inventory means your property could attract significant interest with the right marketing and pricing plan.
Let’s discuss your goals and explore how we can position your home for success in the Canmore real estate market. With tailored strategies for timing, pricing, and marketing, we can help you achieve the best results.
Contact Us
Thinking about buying or selling? Let’s connect. With a deep understanding of the Canmore market, we’re here to guide you every step of the way.
