November 2023 Real Estate Market Update

November 2023 Real Estate Market Update

November Brings the 31st Annual RLP Food Drive and a Feeling of Déjà vu

As we move through the fall season, we are excited for what all that it brings. The 31st Annual RLP Food Drive is taking place on November 29th at Canmore Chrysler. It is such a great event and so needed in our community. As the ski hills are starting to open it is great to see the Bow Valley getting excited for the upcoming winter season.You can feel the excitement building, people walking around town with their skis / boards to get tuned following epic adventure movie watching at the recently ended Banff Mountain Film Festival.

Looking back to our newsletter in November of 2022 we feel a good dose of déjà vu. Quotes from last year of “Our market is one that many are struggling to understand. While it has felt for many like the market has taken a step back and with many price reductions, we can see how it could be viewed that way.”

As we look at our market, we see the listing inventory this time of year quite consistent. There are small increases each year over the past three years with total listings being 131, 138, 144. What is dramatic is the listing inventories in November for the 3 years prior to Covid was 189, 196 and 228. The average number of listings in November over the last 10 years is 192 which makes 2023 25% below that.

Listing inventory is just one of many metrics we use. When we look at sales numbers for the month of October in the 5 years prior to the pandemic we get an average of 49. That is 40% higher than this year. During those years we started the month of October with an average of 231 listings giving buyers 70% more properties to choose from. The reason this is so important to consider is that the lack of inventory in a recreational market often causes buyers to be more patient and hence wait for the right property at the right price.

As mentioned above and below, we are proud to announce once again, that our 31st annual Royal LePage Food Bank Drive will be on Wednesday November 29th. This is our biggest ask of the year, as we always need help on the evening for a few hours. We are happy to pick up any donations both nonperishable food and/or a monetary donation. 


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