The spring market has kicked off and if you're thinking about making some real estate moves in Canmore, Banff, and the Bow Valley, you might want to keep reading...
It’s been a strong year to date, with 36 sales in January, 40 in February, and 16 so far in March, rounding out at 92 sales in just 2.5 months.
When compared to 2023, where we had 22 sales in January, 37 in February, and 19 by mid-March, totalling 78 sales, 2024 sales are up by 15% YOY.
Although the number of sales is up by 15% YOY, the volume ($) of gross sales is up 22%. Wow! This is an investor's dream. Good job to those who bit the bullet and got in early.
Putting the stats aside, the spring market is such an interesting period in the Canmore economic cycle. I’ve included some general insights to think about as you strategize your next moves…
A Season of Revitalization: Each year, spring brings a wave of activity to the market. As the snow melts away to reveal the lush, inviting landscapes, we continue to see an increase in property listings, in turn creating more opportunities for our buyers.
Balancing Act: Canmore real estate is characterized by its unique blend of limited inventory against a backdrop of strong demand. This dynamic creates a competitive atmosphere, particularly during the vibrant spring months. Buyers should come prepared to act swiftly on desirable properties, while sellers can expect keen interest in well-priced and strategically located homes.
Economic Influences: The broader economic climate, including interest rates, economic growth, inflation, policy, consumer confidence, etc. continues to play a pivotal role in shaping buyer sentiment and activity levels. A stable or decreasing trend in rates might empower more buyers to enter the market, fostering a more dynamic transaction environment. The 2024 spring market presents a landscape filled with opportunities and challenges.
Buying or selling a home is a big decision... financially and emotionally. Canmore real estate moves at breakneck speed, with the best properties coming and going quickly. Both buyers and sellers alike should navigate this market with careful consideration. Donna and I have worked in this market for 6 and a half years now, and it's clear that working with the right licenced Realtor® is highly advantageous in so many ways.
Donna and I offer local expertise, extensive experience, effective negotiation skills, access to exclusive listings, a streamlined process for paperwork and legalities, up-to-date market knowledge, a professional network, and insurance coverage to limit liability for our clients.
Ultimately, working with us can save time, reduce stress, and increase the likelihood of a successful transaction, providing valuable support, whether you are buying or selling a property.
We are always happy to offer a free consultation to provide professional input and guidance. For us, it comes down to your motivations and timing, everything else is just a part of the process.
Check out our website www.liveworkplaycanmore.com, or connect with us directly:
Ryan Houston
Donna Houston