Wednesday, January 27, 2010

2009 Year End Report - Crowsnest Pass Real Estate

As anticipated, 2009 was a slow year for Real Estate in the Crowsnest Pass, due in large part to a very slow start during the first half of the year. There were a total of 83 MLS sold properties in the Municipality of Crowsnest Pass in 2009. The following shows how 2009 compares with other prior years:

Sold MLS properties in the Municipality of the Crowsnest Pass:
2009 – 83
2008 – 105
2007 – 176
2006 – 178
2005-2000 – 147 (avg.)

Surprisingly with sales roughly half of what they were a couple of years ago, we have not seen a substantial decline in prices relative to 2008, in our area. Since last September to now (as I figure it) down 5-7%. This being said, I do not anticipate any significant increase to prices in the Pass for 2010 (this year will in all probability be very similar again in numbers to the last 2 years) and we may actually witness a slight further decline on single family homes. In major centers (Calgary, Vancouver) we will continue to hear about a "fast recovery". It is important to remember that in the Crowsnest Pass we do not have the volume of buyers. This is a difficult situation, I know, for those who purchased at the peak of the market, as it may be difficult to recover the full purchase value in the short term.

Economic development is desperately needed in our area and in this regard groups such as the Crowsnest Advisory Committee, Chamber of Commerce and Community Futures, as well as certain members of council, are working hard at coming up with proposals, initiatives, a vision and a plan. With this being election year, positive change has a good chance of coming and with that a sense of optimism. Let’s hope so!

To carry on, our absorption rate or ‘days on the market’ numbers are still high. As well, there have been some incredible buys in our area as a result of motivated sellers that need to move on. Which makes now the perfect opportunity to be buying, while interest rates are still low, and consumer confidence is still waning?

I want to stress the above point because I think it is important. I'm usually pretty conservative in my language in these market reports, but there is just no other way to describe the current market - "Now is the time to buy!" It is the best time to buy real estate in the Crowsnest Pass in many years. Home inventories are high, and buyers are reaping the benefits in the form of selection and being able to negotiate the best sale price and most favourable terms. If you have been thinking of buying but want to wait, what exactly are you waiting for?

Should you have any questions about the activity, or if you are considering buying or selling a home in the Crowsnest Pass area of southwestern Alberta, please email me or give me a call if I can assist you in any way 403-564-4518.


John Prince, Alberta licensed real estate agent, Century 21 'The Professionals'. Serving the Crowsnest and area. Call me directly at 403-564-4518 or by email at: johnprince@shaw.ca

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