While knowledgeable Buyers of discretionary property may feel they can take their time gathering market information and perhaps either wait for prices to drop or find that perfect property; we are finding that many Buyers are missing out on opportunities to select from the ever dwindling supply of housing here in Canmore. This is evidenced in three ways. First the number of Days on Market is quite low proving that there are a many interested parties for each listing presented. Second, many properties are not even making it to market, instead selling to a Buyer of the Listing Agent, as we now have wait lists for certain types of properties. Third, many properties are selling for asking price or above asking price under multiple offer situations.
What can you do to ensure you have the best opportunity to bid on your desired type of property.
Here are some tips:
1) Get pre-approved from your Lender for the type and price of property you intend on buying. You may not be aware that all Visitor Accommodation (Hotel Condo) and all Employee Housing District zoned condos are challenging to finance and in fact the majority cannot be mortgaged, thereby requiring cash to purchase. This applies to many Tourist Home units as well.
2) Move savings funds around to allow for cash purchases and/or deposits on purchases.
3) Sign up for our complimentary Private Client Services (PCS) email notification of listings. This data feed will keep you abreast in real time of new listings, price changes and sale prices. If you currently subscribe to PCS, consult with us regarding changes to your search profile due to recent price increases.
4) Book viewings of properties with us in order to become more familiar with the wide range of locations in town that you may not have considered. With low product inventory you may need to consider areas of town that previously you discounted.
5) Be ready to instruct us to prepare offers, even if you have not viewed as we can include a Condition of Purchase “subject to viewing and approval”, in order to secure the property.
Currently there are 144 properties on markets total; including 38 single family homes, 9 duplexes, 30 townhouses, 33 apartment condos, 1 manufactured home, 17 lots, 17 hotel condos. This includes new construction that have not been built yet.
Last a tip for Sellers: If you are considering listing you may consider getting a Property Inspection done ahead of listing so that you are aware of potential problems with your property you may not be aware of that could hold up a sale.
Canmore Real Estate Sales up 43%
The Spring Canmore Real Estate market is very strong, 1st Quarter (Q1) sales volume was up almost 20% over Q1 of 2016 and 43% higher than the 10 year average of 92 Q1 sales.
Q1 2017 was the 3rd busiest our market has ever experienced. In March of 2016 the market had 40 properties sell and in March of 2017 saw a jump of 34% to 54 properties sold and the 10 year average is 39 and equal to March of 2007.
Average Days on market had dropped dramatically by 43% with the March 2017 average days on market down to 53days compared to the12 months ending March 31, 2017 was 76 days.
In 2007 we had very low inventory with 2.55 months of inventory at the beginning of April 2007, at the beginning of April 2017 we had 2.93 months of inventory.
At the beginning of April 2017 we had 158 active listings which is almost 60% lower than the year over year number of 251 for 2016, the 10 year average is 279 - April 2017 is comparable to 2007.
Summary - This very stronger sales data shows a steady enough flow of new inventory purchase options available for buyers and in some cases buyers need to be ready to move on quickly as evidenced by the 43% drop in days on market stat and I do not see that changing in the near term.
Banff Real Estate Market
The Banff Real Estate Market continues to look for more product, February and March saw 8 new listings hit the market and half of them are sold showing that the demand remains strong in Banff as well.
Canmore Banff Commercial
Interest in Canmore and Banff Commercial has been strong in 2017 with new Hotel, investment and Restaurant buyers looking for quality assets as well as renewed leasing interest. I am presently working with several buyers, please stay tuned for more details in this area of focus and interest.