As we journey through summer, our hearts go out to the
residents of Jasper, our fellow mountain town. From my
youth camping trips to biking adventures as a teen, and
now hiking and biking as an adult, Jasper holds a special
place in my heart. We are all hoping that the residents
can soon return to their beloved town.
For our summer newsletter we always take a look at
some of the quarterly statistics, please see some insights
below.
Real Estate Insights: Q2 2024
Market Activity Surge: The second quarter of 2024
witnessed a remarkable 43% increase in activity
compared to the same period in 2023. Prices also rose
across various segments.
Townhomes and Condos: Townhomes and apartment
condos saw substantial year-over-year growth, with
increases of 23% and 20%, respectively.
Hotel Condos and Single Family Homes: Hotel
condos experienced more modest gains, with
average sale prices up by 6%. Single-family homes
followed closely with a 5% increase.
Inventory and Market Balance: While listing inventory
slightly rose, it remains far below a balanced market.
With a Months of Inventory (MOI) at 3.55, we’re firmly
in a seller’s market. Even a 50% inventory increase
wouldn’t tip the scales toward a buyer’s market.
Days on Market: Properties continue to sell swiftly,
with single-family homes and lots being the only
exceptions, hovering above 2 months. Historically,
our averages fall between 2 and 3 months for all
segments.
Looking Ahead: Anticipate more listings in August,
September, and October. We hope this influx will
help restore market balance, as eager buyers await
the right properties.
Here in Canmore, excitement is building for the upcoming
Canmore Folk Music Festival. This iconic event, which
began in 1978, continues to thrive, with Blue Rodeo
headlining this year. The trails around town are bustling,
and last weekend’s Rockies 24 – a 24-hour mountain bike
race at the Canmore Nordic Centre was a resounding
success. Our doorstep boasts incredible facilities and trails,
a true blessing for all of us outdoor enthusiasts.
Enjoy the remainder of summer and remember that we’re
here to assist with all your real estate needs. Referrals are
always welcome!