As We Enter Fall Lack of Inventory Continues To Affect The Market
The fall is an exciting time to be in the mountains. After a summer full of hiking, biking, running along with the many successful local events like Canada Day, the Folk Festival and most recently the Canmore Highland Games we are excited for the upcoming fall season. The kids are back in school, and the days are still longer to enjoy active outdoor evenings.
We do typically start to see a pickup in buyers as the cooler temperatures in the air bring thoughts of ski season and what that might mean in terms of purchasing a property here or getting something larger (or smaller) depending on each families needs.
Sales in August show a higher number however quite a few of the hotel condos were a new project so once you remove those from the total the sales in August 2023 match that of August 2022. While sales matched year over year the listing inventory is down 25% year over year which makes the matching sales numbers show much stronger. We have seen a decrease in sales in 2023 which we feel corresponds to that lack of inventory and choice for buyers. Our market continues to have buyers waiting for that right property to come to market.
The Months of Inventory metric we use continues to support our position of a sellers market. The rule of thumb is between 3 and 6 months of inventory is typically a balanced or moving to a balanced market while less that 3 is a sellers market and more than 6 is a buyers market. August was at 2.37 and the average for 2023 currently sits at 2.88.
We hope you have enjoyed your summer to this point and the remaining summer is amazing! We are here to help with all your real estate needs and are never too busy for your referrals. Thank you!
**Months of inventory is a calculation on the numbers of months it would take to sell all the currently listings with no new inventory coming to Market based on number of past sales**