BVPG Spring & Summer Market Update

It is 11 degrees and climbing, the smell of spring is in the air, the ice and snow is melting, and the sun is warm and filled with energy. As I was walking through the woods yesterday I was overcome with the feeling of rebirth and new beginnings. Nature always seems to have a way of helping us see things from a different perspective. When you really think about it, everything comes alive in the spring. Not just the birds, the bees and the orchids, but everyone and everything is searching for a new adventure… change is in the air.  It’s funny in a way because this also includes the Real Estate market in the Bow Valley. It starts to bloom in the spring as well. YOY we see an increase in listings along with an increase in buyers during the spring/summer seasons. From March to August of 2018 there were 186 active listings and 254 sales, see the active listing comparison below: 

As you can see it is uncanny when you compare the active listings of last year to this year. This tells me that the number of listings sold should increase by a similar rate to the spring/summer of last year. This meaning that it’s a good time to list your property if you want increase your potential for a higher sale price; this of course based on an influx of buyers.  Below you will see the number of listings that sold from March to August of 2018. When compared to the listings that sold in the 6 months following that and moving in to this year, you can see a very clear increase in sales during the spring/summer months.  

With 254 sales in the spring/summer market, and 184 sales in the fall/winter market, there was an increase of ~28% in the sunny months. If you’re an optimist like me, and based on historical data, it should be another significant increase in sales again this year. We have provided the chart below to help you understand what the negotiation room might be in a particular area of our market. When we compare the original price to the final sale price for each property type it gives you some basis to negotiate with. Your Realtor® should be able to elaborate on this, and if they can’t please contact us.

Some of you may know that when the number of homes for sale is less than the number of buyers purchasing that it’s a seller’s market. When making the decision to list your home it is important to take advantage of a sellers market when you have the chance. As I said previously, change is in the air and buyers may be more motivated to make a purchase during these months. Even though consumers have been a lot more cautious lately, the FOMO (Fear Of Missing Out) factor is huge when there are swarms of buyers. This creates further competition, and with the right list price, this could potentially drive multiple offers. One more interesting stat to look at is the YOY average price change for each property type between the 2017 and 2018 spring/summer. This gives you a picture of the overall market growth/decline.

Generally speaking there has been a YOY increase with most property types. It is important to note is that there were only 5 sales over $1M in 2017 and 35 that sold over $1M in 2018. This may be attributed to the shift in the economic state over this period of time. The Single Family homes average price shows a drastic increase, this is due to multiple luxury listings selling in 2018 when compared to 2017.

Thank you for taking the time to read this, please contact us if you have any questions about Real Estate in the Bow Valley. We are committed to service excellence, and it is our goal to provide a level of service that is second to none. And in the mean time, if you’re looking for some awesome info on community, food, or adventure in the Bow Valley click here…