Canmore saw a 52% increase in year over year sales for January 2024. We had a total of 32 sales at an average price point of $995,000 or $806 per sqft. The square ft price is up 17% over January 2023 and properties sold in an average of 75 days.
This begs the question - has the spring real estate market started in Canmore? Judging by the weather and the resurgence of buyers in January due to our unusually mild winter, it seems it has. Moreover, the January rate hold injected a dose of confidence into the market, evident in the dwindling number of active listings.
Entering January 2024, there were 75 active residential listings, and with strong sales in January this has now dropped to just 53 as we step into February. Properties are moving swiftly, with multiple offers becoming more common and inventory decreasing rapidly. While buyers are actively participating in what feels like a spring market, sellers have yet to fully embrace it.
For those familiar with my market updates, a balanced market in Canmore typically features around 250 active listings. With only 53 currently available, competition among buyers is intensifying, particularly for those re-entering the market early.
As of February 21st, the inventory under $600,000 stands at a mere 4 residential listings, while the range between $600,000 and $1,000,000 boasts 21 listings. Meanwhile, properties priced above $1,000,000 make up the bulk with 36 active listings.
