Transcript:
Canmore Market Update Janurary 2023
2022 was a pretty wild ride in Canmore real estate.
I’m Jessica stoner with the Jessica Stoner Real Estate Team in Canmore Alberta with RE/MAX Alpine Realty. Here at the Jessica Stoner Real Estate Team, it’s about you.
That’s why I am sharing this market update with you an overview of 2022 and
what that means for us in 2023.
As we know, the pandemic created a huge demand of buyers. It also created a heightened number of sellers leading to a remarkable increase in the number of sales in Canmore and the Bow Valley. Though the buyers were still keen, by 2022, most of that heightened inventory had already been sold.
So let’s look at the stats.
In 2021 we had 641 sales in Canmore. In 2022 we only had 397. That’s a 38 decrease in the number of sales.
If there was more inventory, the buyers would have bought it.
Now, the topic of most interest, sale prices.
Sale prices in Canmore continue to increase. In 2021, the average residential property ( this is all the residential property, not just single-family homes) the average sale price was $919,000.
In 2022, it was $1,075,000.
To clarify, not all properties increase equally. They didn’t all increase 17%. Some increased much more, others have had a slight correction down from the peak of the market prices.
In 2023, we have low inventory. On the market we have 65 listings right now, and our normal balance Market is about 200 to 250 listings. So we have a ways to go before we get to a balanced Market.
We are all hoping to see an increase in inventory as we head into the spring of 2023.
For the remainder of 2023, we are expecting to see:
– continued buyer’s demand
-low but growing inventory
-hopefully some downward pressure on the
-interest rates
and continued glorious Mountain living in Canmore!
