Canmore Alberta Real Estate Agents, Richard Greaves & Darcy Chilton with REMAX Alpine Realty

Canmore real estate sales in October stayed consistent with the volume we saw in September finishing the month at 24 total sales compared to September’s 26 total sales.

The strongest sector for Canmore real estate sales again this month was the Single Family home market with a total of 9 home sales and an average selling price of $703,000 or $418 a square foot.  We had two homes in the Peaks of Grassi neighborhood with 3 bedrooms and a single attached garage sell for under $515,000 as prices in this neighborhood remain attractive to first time home buyers and families with young children.  The highest priced Canmore home to sell this month sold for $1,250,000 in the Eagle Terrace neighborhood.

Town homes continue to be a popular choice for 2nd home buyers looking to purchase in the Canmore real estate market although Buyer’s are still driving prices downwards.  We had a total of six sales this past month and all six properties sold for $500,000 or less.   The town home market in the Three Sister’s area of town is representing good value again with homes with 2 or 3 bedrooms and a double car garage selling between $395,000 and $415,000.

As a market for October here is how the Canmore real estate market sales broke down:

Apartments: 4 sales at an average square foot price of $308

Half Duplex: 3 sales at an average square foot price of $337

Hotel Condo: 2 sales at an average square foot price of $269

Single Family Homes: 9 sales at an average square foot price of $418

Town Homes: 6 sales at an average square of price of $350

The average selling price of property in Canmore this past month was $509,556 or $352 a square foot.

Taking a look at year to date sales in the Canmore real estate market and comparing them to sales in 2010 we can clearly see we that prices are continuing to correct downwards and properties take longer to sell:

**All figures from Interface

So we’ve seen a 4% drop year over year in sales price, a 6% drop in the average square foot price and it’s taking an average of 13 days longer to sell property in Canmore this year over 2010.  September and October sales volumes have been two of the stronger sales months for 2011 so there is hope that the market is now slowly starting to improve, our current inventory of property listed on the Canmore real estate market sits at 369 with 7 of those currently conditionally sold.

So what does this mean?  It’s still a buyer’s market, buyer’s are still in the drivers seat and are testing Sellers with low offers to see how motivated they are.  We are seeing buyer’s pick two or three properties they like and if they can’t negotiate a deal to their liking on one of them, they are walking away and making offers on a another property of their choice.  Sellers though, are more educated with what the Canmore real estate market is doing this year and know when their property is priced correctly and we are seeing these realistically priced properties sell more quickly and closer to their list price.

Related posts:

1. Canmore Real Estate :: May 2011
2. Canmore Real Estate Stats for September 2011
3. Canmore Real Estate – April 2011
4. Canmore Real Estate July 2011
5. Canmore Real Estate January 2011