Inventory levels in Okotoks’ real estate market have risen to numbers not seen for more than three years but that still hasn’t been enough to keep prices in check.
According to statistics released by the Calgary Real Estate Board this week, there were 92 new listings in September, compared to 53 sales, which has boosted inventory levels and created a two-month supply, with inventory up almost 50 per cent year over year.
“While inventory levels have trended up over the past three months, the 106 units (listed for sale) still represent exceptionally low levels for the town,” stated the real estate board’s monthly report. “While this is a significant improvement from levels seen in the spring, conditions still favour the seller.”
The benchmark price, which the board says is the price of a typical home in an area, reached $630,300 in September, which is up nearly one per cent from August and nine per cent higher than the same month last year.
Okotoks’ benchmark price has set a record seven times this year, beginning in February when it reached $605,500.
Of the 53 sales last month, 30 were above $600,000, compared to just 14 in that price range in September of 2023.
There were only five sales under $400,000, compared to 17 below that figure in the same month last year.
The detached benchmark price hit $713,400 in September, which is up 10 per cent year over year.
In High River, the benchmark price increased for the sixth straight month in September to $493,400, putting it up 11.2 per cent from this time last year.
There were 12 sales over $600,000, compared to just four in that price range last September.
With less than a month-and-a-half supply, High River has the lowest inventory levels in the region.
A comparison of detached benchmark prices across the region shows Calgary at $757,100, Airdrie at $651,600, Cochrane at $681,800, High River at $571,200 and Chestermere at $815,700, which are up anywhere from 8.2 to 10.5 per cent year over year.
