Recreational Property Demand Growing!
Our market has seen a rise in inventory from the low of 134 total listings on the market in January to 189 in June which is a typical seasonal trend. Last year we saw the listing inventory rise from 122 in January to the peak listing inventory of 2017 in September which was 213. The 48 properties sold for May was above the 5 year monthly average of 40 properties sold per month and down slightly from year long high in April of 60.
Seeing this, we are still lacking inventory, so if you were wondering when the right time to list your home would be, there is a very good chance that the time is now. We did see increases in the number of sales in both apartment style condos and townhome style condos while we saw a large decrease in single family home sales month over month. This may be due to the fact that our listing inventory of homes under $1,000,000 is less than 20 though several of them are now conditional sales with buyers who have something to sell which we will see the typical domino effect of one property selling and several then getting sold as they may be linked together.
Spring has sprung, and we have been some enjoying Summer like weather with blue skies showcasing stunning vistas. After a great ski season, we are seeing the change over to hiking boots/ walking poles, Bikes and more allowing outdoor enthusiasts to enjoy all the great activities Canmore and Banff have to offer.