October 2022

CANMORE MARKET MOVING TOWARDS

THE HISTORIC TREND LINE

What an amazing Fall weather wise, stunning blue skies , few clouds and so much warmer than usual but we know that will change soon with skiing scheduled to start in November. This September saw the market move more toward the trend line of the past 20 years for sales volume. The 10 year average sales volume for September is 49 properties and 20 year average is 42 properties and September 2022 we saw 47 properties sold.

At the end of September there were 150 active listings which is still dramatically lower than our 20 year average of 237 active listing. The days on market of the properties that have sold since 2002 is 80 days and for September 2022 the days on market is almost 20% lower than the 20 year average at 61 days on market. Given the recent stock market and oil and gas volatility along some buyers are pulling back, we see the balance of the year as being closer to the sales trend line.

Rising interest rates affect a smaller part of the Canmore market than else where but rising interest rates will slow the 1st time buyer and move up local buyer market back down to the long term sales trend line. We are still seeing some properties sell relatively fast if they are the right fit for a buyer. With inventory still so low it is still a good time to bring new listings to market as evidenced by the 61 days on market.