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.
In January 2024, there was 6 single family home sales, an average price of $1,545,000 or $831 per sqaure feet. The average days on market for this property type was 90 days.
In January 2024, there was 1 half duplex sale, an average price of $1,180,000 or $599 per sqaure feet. This 1 sale sold within 1 day.
In January 2024, there was 9 townhome sales, an average price of $854,000 or $685 per sqaure feet. The average days on market for this property type was 78 days.
In January 2024, there was 6 apartment sales, an average price of $840,000 or $773 per sqaure feet. The average days on market for this property type was 88 days.
In January 2024, there was 5 hotel condo sales, an average price of $819,000 or $863 per sqaure feet. The average days on market for this property type was 70 days.
In January 2024, there was 3 tourist home sales, an average price of $810,000 or $919 per sqaure feet. The average days on market for this property type was 31 days.
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Richard Greaves
Broker/Owner RE/MAX Alpine Realty
403-688-7629
With 17+ years in Canmore Real Estate, helping move over 480 happy clients.
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