Summer is in full swing in the mountains, and we’re finally getting some summer weather after a wet and cool spring. Wrapping up the first half of 2024, residential sales volumes are up 27% year over year, while short-term rental use volumes are down 5%. This reflects more inventory of residential properties having come to market and a continued confidence in the market.
Standing active inventory in the residential market remains well below long-term trends and what we would expect for this time of year. June sales were flat year over year for overall sales volumes and fell from May’s high of 66 sales. Again, this reflects active available properties for sales within certain segments of the market. Detached and semi-detached home inventory levels rose month over month to 62 active listings from 53 in May; this is still a long way from the 107 in July of 2019.
The residential market has three and a half months of inventory overall, which is still indicative of a seller’s market. With Canmore’s small market size, some segments are balanced, some are in a seller’s market, while others are pushing into a buyer’s market. It is important to speak with your real estate professional about the specific segment you're either purchasing or selling in to understand the dynamics of that segment. Short-term rental use properties remain in a seller’s market as well, with just under four months of inventory.
The following graph illustrates the quarterly sales by property type, showing significant fluctuations in sales volumes across different types of properties. Detached and semi-detached homes continue to lead in terms of sales volume, followed by townhouses and apartment condos.
The average days on market (DOM) for properties in Canmore has also seen some fluctuation. The trend indicates that properties are moving relatively quickly, especially in comparison to historical averages. This reflects the high demand and low supply currently characterizing the market.
Sale prices have shown a steady increase over the years, with significant growth in both average and median prices. The graphs below show the average and median quarterly sale prices, demonstrating the long-term upward trend in the Canmore real estate market.
Analyzing the number of listings sold by type, we see a diverse market with detached and semi-detached homes consistently maintaining a significant share. The variety of property types available caters to a wide range of buyers, from those seeking permanent residences to investors interested in short-term rental properties.
The comparison of active listings versus sales over time highlights the market dynamics, with noticeable peaks and troughs. This visual representation underscores the importance of timely decision-making for both buyers and sellers in a market characterized by periodic fluctuations.
The Canmore real estate market in the second quarter of 2024 continues to demonstrate robust activity and long-term growth. While short-term fluctuations are expected, the overall trend indicates a healthy, active market with increasing property values. Buyers and sellers alike should stay informed about specific market segments and consult with real estate professionals to navigate the dynamic landscape effectively.
