Median price is deemed to be a more accurate market indicator than average price because of steep price fluctuations that sometime exist within market segments and thus can distort calculated averages.
February continues with New Year momentum
Over the past 3 months the number of sales each month has increased. Not large numbers by any means, but a total of 14 sales in February is better than 10 in January.
We see a large increase in the median sale price in both the single family sales data and the non single family data. The non single family data seems to be more in line with a realistic whereas the single family data based on only 4 sales shows a significant increase over the prior month. Three of the four single family sales where well over a million dollars as this segment of the market continues to perform quite nicely.
Days on the market are still quite high in both market segments as sellers continue to adjust their asking prices in order to attract a buyer’s offer… “Well priced homes will bring ready buyers.”
Inventories still remain high
The number of active listings has dropped almost 10% from this time one month ago. March is generally a busy month for sales so it will be interesting to see if buyers start to “step up” and make the purchases they have been contemplating.
Mortgage rates continue to remain very favorable for all purchasers. Whether you are a first time buyer or a seasoned veteran looking for an investment or vacation property the lending rates have never been better.
Again I remind you that Wait and See Buyers May Miss Out on Deals. If your “financial house” is in order, now might be the best time to look at investing in Canmore real estate.
I HAVE OVER 25 YEARS OF REAL ESTATE EXPERIENCE.
More than ever both buyers and sellers need an experienced agent. With my 25 years of experience I have seen several different market conditions. As a seller you need to price your property very much in line or slightly below were similar properties are selling. Don’t get caught thinking you can reduce your asking price after a few weeks. You need to be aggressive if you really want to sell!
As a buyer, you need an agent that is a good negotiator. An agent that can provide the market history and defend your offering position when it is time to present your offer.
GIVE ME A CALL OR DROP ME AN EMAIL. I HAVE THE EXPERIENCE!!
What are your plans for long time recreation property??
DON’T WAIT TO LONG TO TAKE ADVANTAGE OF THIS BUYER’S MARKET!!
If you would like to be kept up to date on the value of your Canmore investment, or just wanting to know what is happening in a particular area of town – just send me an email or give me a call.