February Sales Were Up…. Depending How You Look At It.
The title may not be what you were expecting however the numbers are interesting when you dig deeper. If we remove the last three record breaking years we see the number of sales in February being 8% higher than the average number of sales for the 5 years before covid. What makes this more surprising is that we still had that many sales with listing inventory to start the month 55% lower than those same 5 years prior to covid. In almost all years we see the listing inventory starting to rise through February but this year it stayed exactly the same. That could definitely be a function of the lack of inventory however new listings hitting the market in February 2023 is down by 23%. As we start to transition from our winter to our spring market we do expect more listing's to come to market however with the lack of supply we have been experiencing we do have many buyers that are waiting for the right property so it does look like the lack of inventory will continue through to the spring market.
During the less active months like February we do see more swing's in the statistics with less quantity of data. As an example only 2 single family homes sold, the data does not reflect the current market. Next month we will do our first quarterly newsletter of the year which is much better for a more overall outlook.
As you can see above, if you are thinking of selling your home now may just be the perfect time. We would love to get together to go over all of this and how it will relate to you and your property.
For over 20 year we have supported the YWCA Banff and Bow Valley Victim Services to help eradicate abuse all a part of our long term commitment to the Royal LePage Shelter Foundation. During this time we have raised over $85,000 here in the valley in financial support for this worthy cause and we are looking for more help from you. YWCA Banff remains committed to shaping a safe and inclusive Bow Valley that empowers women and their communities for a better future. With limited revenues from the hotel and uncertainty of government funding since the onset of the pandemic, as well as significant increases to the demand for our services, the YWCA Banff needs support more than ever.
We encourage you to take some time to check out the VINEart Gala and Silent Auction which takes place on March 18th. Bidding on silent auction items will also close on March 18th.