April Monthly Real Estate Market Synopsis – Canmore

The month of March showed a slight slowdown in the number of properties sold from the previous month and even the previous month a year ago. The big difference especially in the single family home market is the Days on the Market (DOM) for a property to sell.

The following chart shows a median DOM for single family home sales of 27 days. However in this number there were 3 properties that were on the market for a very long time. Two were close to 300 days, and one was 588 days. When we remove these 3 sales, we have a DOM of 13 days. This is incredible. This means the remaining 9 homes that sold in March were priced to sell. They were priced correctly.

As an agent it is always disappointing when you give sound honest advice when asked for an evaluation on a property and the advice is not heeded. The single family home that took 588 days to sell finally sold for $205,000 less than the original asking price. If this property had been priced correctly as I suggested back in 2011, I am convinced the seller would have gotten somewhere in the area of $150,000 more, a year and a half ago.

It is often very hard to take a rational look at the true value of one’s real estate holdings. We live in these properties. We raise our families often in these homes. We sometimes custom build our homes. We entertain in our residences. All these factors influence our decisions, but the bottom line that I have stated for years (which really stands out this mast month) is you must  PRICE YOUR PROPERTY CORRECTLY FOR THE CURRENT MARKET CONDITIONS.

The late winter months and spring have always been excellent months to market your home for sale. With realistic expectations and a true desire to sell, now is the time.
GIVE ME A CALL AND WE CAN TALK ABOUT THE MARKET IN MORE DETAIL.

April-Stats

April-graph

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