April 2008 Canmore Market Synopsis from Bob Aishford

SINGLE FAMILY HOME SALE PRICES STILL DOWN - NON SINGLE FAMILY SHOWING GOOD SIGNS

March showed that while the number of single family home sales was double that of February, the median selling price is almost 12% lower than a year ago. The lower number of sales for homes above a million dollars is what is contributing most to this lower median price. There have only been four properties sell above a million dollars in the past four months, and two of these were just barley above the million dollar mark.

Again I remind you that I don't believe this upper end market is "crashing." The buyer's for these more expensive homes are just being more cautious than in the past. We all know that a lot of stock portfolios have not performed quite as good lately. The lower prime rate could and should have an influence on some of these upper end buyers taking equity from their principal residences to invest in recreation real estate. This market is still a very large part of our Canmore economy.

The non single market showed a strong positive increase this past month. We see the number of days on the market reduced from last month and the selling price and number of units sold are both up. The most significant number is the 25% increase in median sale price over February and still a nice gain of 7.21% over a year ago. Activity in this market segment is a good sign for our local 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.

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.

For More Information Contact Bob Aishford

Bob@BobAishford.com

www.BobAishford.com