As expected, the real estate market in Canmore and the Bow Valley had a seasonal return to normality in January. Inventory levels are starting to rise now that we have reached February as the expectation of a busy spring market builds. Currently, there are 160 listings on the market; while only 112 of those are move in residential homes. There has been a significant increase in lots as new developments come online.
Moving into the spring real estate market, we expect to see a moderate increase in the amount of homes on the market. However, there appears to be a lot of pent-up demand and we do not expect these high inventory numbers to linger. Last year, April was an outstanding month for sales; we expect to see better sales in February with a spike in March.
On the whole, the market is lingering in seller market territory. This month we saw a spike in the absorption rate for single-family homes. This is a fairly typical season spike with new products coming to market and slower sales post-Christmas. When we look at our 14-year trend graph, the seasonal patterns in the Canmore real estate market are returning. (Slower winter sales and a seasonal increase in listings.)
