Market Update 2018-2019

PRICE INCREASES ACROSS THE BOARD FOR SINGLE FAMILY HOMES IN CRANBROOK FOR THE YEAR 2018

TFA = total finished area including basement finish
PP sq. ft. = average price per square ft. including the lot 

Year Built                 TFA                            2017             2018         Increase
                                                               PP sq. ft.        PP sq. ft           %

1970- 1980         1900-2150                     $141                $156          10.7
1981- 1991         2000-3500                     $139                $158          13.7
1991-2010          2100-3800                     $151                $164            8.8
1995-2018          2500-4500                     $170                $184            8.2

WILL THESE PRICE INCREASES HOLD FOR 2019? 
CHECK OUT THE INFORMATION BELOW

QUICK FACTS ABOUT the CRANBROOK RESIDENTIAL MARKET

AVERAGE PRICE of SINGLE FAMILY SALES IN 2017 - $319,972
FOR A TOTAL OF 291 SALES

AVERAGE PRICE of SINGLE FAMILY SALES  IN 2018 - $334,823
FOR A TOTAL OF 282 SALES 

ARE 2019 SALES KEEPING PACE WITH 2018? 
SALES OF SINGLE FAMILY HOMES FOR FIRST 60 DAYS OF 2018
                31
SALES OF SINGLE FAMILY HOMES FOR FIRST 60 DAYS OF 2019
                 31 - right on target!

ARE THE PRICE INCREASES IN 2018 HOLDING? 
There is not enough data to establish a trend. One small study indicated a small price correction on the one hand, but but on the other hand homes are being priced close to 2018 levels and are being sold close to asking price. That coupled with the fact that the number of sales have not dropped, and that inventory levels are close to the same level of 2018,  is positive and so there is reason to  be cautiously optimistic. (see the active single family listings graph below)

Active Single Family Listings