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June 2024 Canmore Real Estate Market Update

Canmore real estate market update data june 2024
Canmore Real Estate Market Data June 2024

Hello and I hope you’re getting out to enjoy our gorgeous summer weather!

The market has remained strong and we are still seeing solid sales coming out of the spring. As we move towards July & August, we enter into the busiest time for visitors to our area – but also the second slowest time for our real estate market. Don’t be surprised if the number of listings you’re seeing tapers off into August, as folks try to squeeze all they can out of summer. But don’t worry – the back to school market will soon arrive!

Average Sale Price of Listings Sold in Canmore - June 2024 Market Data
Average Sale Price of Listings Sold in Canmore – June 2024 Market Data

Reflecting on the real estate market’s performance in the first five months of 2024 reveals a notable strength, boasting a substantial 38.9% increase in total sales compared to the previous year. While this surge surpasses the lackluster performance of 2023, it falls short of the historic highs witnessed in the post-COVID years of 2021 and 2022.

A closer examination, considering the five years preceding the pandemic, unveils a modest 3.5% increase in sales compared to the average figures from that period. What’s the takeaway? We’re observing a return to more typical market dynamics, with a slight seasonal uptick in inventory. However, it’s worth noting that a greater inventory could potentially drive sales even higher, given the pent-up demand among buyers eagerly awaiting suitable properties.

Active Listings Per Month - Canmore Market Data, All Types
Active Listings Per Month – Canmore Market Data, All Types

Real Estate Market Data for Canmore in June 2024

Our current “months of inventory” metric remains notably low at just 2.21 months. This metric serves as a key indicator of market health, calculated by dividing the total number of homes on the market by the number of units sold in a month. Ideally, a balanced market typically sees a months of inventory figure ranging between 3 and 6. A figure below 3 indicates a seller’s market, while anything above 6 suggests a buyer’s market.

Considering these market dynamics, now presents an opportune moment to list your property if you’ve been contemplating it.

If you have questions about Buying or Selling a property in Canmore of any type, feel free to reach out to my directly via text, call or email. I’m happy to provide insights and further data to guide you through the Buying or Selling process with certainty.