2012 Canmore Year End Market Review

Now I know we can all interpret the data in our own way but I see an active more “balanced” market for 2013. When I look at the comparison chart for the past 5 years, 3 key stats immediately catch my attention:

1.    The total number of sales for 2012 is up by 85 properties, or just over 30% from 2011.

2.    The average and median sale price for both single family and non single family sales was the lowest in 2012 as it has been in the past 5 years.

3.    The number of non single family home sales for 2012 was up by 69 properties or almost 40% over the previous year.

As we enter 2013 our total number of active listings is less than 250. This compared to close to 400 at the end of 2011 is a significant drop in our inventory. With fewer properties for sale sellers can expect the Days on Market for their properties to be lower, as well as sale prices to start to increase. The key however is still to ensure the property is priced “correctly” to catch the attention of a buyer.

This past year saw 17 single family home sales over $1,000,000. However, compared to previous years there was not as many over the $2,000,000 sale price and so the brings down the average and median sale price.

The hotel condominium market had a strong year for sales as sellers realized the need to be aggressive with their pricing. With strong competition from developers needing to sell off units we have seen sale prices down over 35% for the highs in the mid 2000’s.

Moving forward it has been reported that Calgary expects close to 25,000 new residences to move into their city in 2013.  With the oil and gas sector remaining a very large part of Alberta’s economy, I suggest we will also see more second home purchases in 2013.

SALE COMPARISONS 2008 to 2012

From

Don’t get caught thinking you can reduce your asking price after a few weeks. You need to be aggressive if you really want to sell!

As a buyer, you need an agent that is a good negotiator. An agent that can provide the market history and defend your offering position when it is time to present your offer.

 

From Canmore Graphs Jan 2013

GIVE ME A CALL OR DROP ME AN EMAIL. I HAVE THE EXPERIENCE!!

DON’T WAIT TO LONG TO TAKE ADVANTAGE OF THIS BUYER’S MARKET!!

From Canmore Graphs Jan 2013

If you would like to be kept up to date on the value of your Canmore investment, or just wanting to know what is happening in a particular area of town – just send me an email or give me a call.

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