statistics

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

Share

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.

  Google

Share

Bob’s Photos

Newsletter ~ Sign Up Now!

Recieve Our Canmore Real Estate Newsletter
Email: