Okotoks house prices decreased slightly in October, but the Calgary Real Estate Board says conditions continue to favour the seller.
According to data released by the board, sales in October improved over last year's levels as recent gains in new listings provided choices for many buyers struggling with supply options.
The 103 units available last month significantly improved over the near-record low of 66 units reported last October, but the board said with less than two months of supply, conditions are still favourable to the seller.
The persistent seller market conditions have driven price growth throughout most of the year as Okotoks’ benchmark price, which the board says is the price of a typical home in an area, has set a record seven times in 2024.
Prices took a step back in October as the benchmark price fell to $618,300, down from $630,300 in September, but levels are still over six per cent higher than last October and over eight per cent higher on a year-to-date basis.
The 60 sales last month made it tied for the second busiest October in the last decade, topped only by 2020. Of the 60 sales, 49 were of detached houses.
The most active sector of the market was $500,000 to $599,999, which saw 20 sales, followed by 15 sales between $600,000 and $699,999 and 13 between $700,000 and $999,999.
The detached benchmark price dipped to $698,500 in October after reaching a record $713,400 in September, but is still up 7.3 per cent year over year.
In High River, six straight months of rising prices came to an end in October as the benchmark price dipped to $489,300, down from a high of $493,400 in September. It’s still up 9.8 per cent year over year.
Of the 27 sales in High River in October, 10 were between $500,000 and $599,999.
With less than a month-and-a-half supply, High River continues to have the lowest inventory levels in the region, followed by Okotoks.
A comparison of detached benchmark prices across the region shows Calgary at $753,900, Airdrie at $644,700, Cochrane at $671,500, High River at $565,400 and Chestermere at $800,800, all of which are down from September, but up anywhere from 6.3 to 9.4 per cent year over year.
The full regional stats package can be found here.
https://www.creb.com/Housing_Statistics/documents/10_2024_Regional_Monthly_Stats_Package.pdf
