The Canmore Real Estate Market now versus 2013 - trends and developments!
The Canmore Real Estate
Market in the first half of 2014
- trends and developments -
The Canmore Real Estate Market in 2014 has been very vibrant and since 2012, which saw the lowest average sales prices after the boom with its high prices in 2007, prices have been on the rise again. Despite increasing prices demand is high and properties sell faster in the average than during the last five years. A still low inventory (just over 200 listings) increases the pressure and drives prices. Canmore is still a sellers’ market.
Sales Numbers and –time:
Whilst the number of sales in Canmore increased from 2012 to 2013 from 371 to 488 by ca. 30%, there was no increase of sales numbers during the first half of 2014 as compared to the first 6 months of 2013 (ca. 250).
The strongest sales areas in both years were the $300-400,000 range and the over $800,000 range.
Remarkable is the decrease of “days on market” time (the time from when a property is listed until it is sold). Average “Days on market” decreased from 101 during the first half of 2013 to 73 days in the first half of this year. That is almost a 30% decrease in time and shows that properties are sold faster due to the low inventory that we have been seeing during this year.
The average Sales Price for a home in Canmore was $ 547,000 in 2012 ($361/sqft). This price increased to $ 570,000 in 2013 ($378/sqft) and $586,000 for the first half of 2014 ($400/sqft). That is an increase from 2012 to 2013 of 4.2% and an increase of ca. 2.8% from 2013 to the middle of 2014. Since 2012 that equals an average monthly price increase of 0.35% in 2013 and 0.46% in 2014.
The average sales price for a 2-bedroom place in Canmore was during the first half of 2014 $396,000; the average sales price for a 3-bedroom place in Canmore was during the first half of 2014 $677,000
Sales Prices Single Family Homes:
Whilst Single Family Homes in 2012 started at $367,000, this entrance level increased in 2013 to $400,000 and in 2014 to $500,000. The average sales price increased from $762,000 in 2012 to $859,000 in 2013 and 916,000 in 2014 (1st half).
The market saw a ca. 13% price increase from 2012 to 2013 and has seen another 7% increase during this year compared to 2013. In other words, we have been seeing a steady ca. 1%/month price increase for Single Family Homes over the last 18 months.
Sales Prices Town Houses:
The average sales price in 2012 was $508,000. This price increased to $529,000 in 2013 and to $552,000 during the first half of 2014. In comparison to Single Family Homes the price increase this year has been higher than between 2012 and 2013. It was 4% during 2013 and also 4% during the first six months of this year, which means that the price increase has doubled from 0.33%/month to 0.66%/month from 2013 to 2014.
Sales Prices Apartments:
The average sales price in 2012 was $351,000. This price increased to $393,000 in 2013 but decreased slightly to $383,000 during the first half of 2014. So whilst 2013 saw a ca. 1% /month increase in the average price (similar to Single Family Homes), we have seen an average monthly 0.4% decrease this year.
Sales Prices Hotel Condos:
The average sales price for hotel condos in 2012 was $229,000. This price decreased in 2013 to $170,000 but came up again to $217,000 during the first half of this year. An average 2%/month price drop in 2012 was followed by a 4.8% average monthly price increase in 2014.
Thomas Krause – CanmoreThomas - RE/MAX Alpine Realty, 05.07.2014