House prices in Okotoks have declined marginally over the past two months after setting yet another all-time high in July.
According to statistics released by the Calgary Real Estate Board, the benchmark price was $580,200 in September, down from $586,900 in July, but up 8.4 per cent over this time last year.
The benchmark price, which the board says is the price of a typical home in an area, finished 2022 at $525,200 after gradual declines over the latter half of the year, but increased considerably over the first seven months of 2023 before taking a step back in August and September.
The benchmark price of a detached house in Okotoks in September was $648,600, which is up 9.5 per cent year over year.
September saw 69 new listings compared to 52 sales, but according to the real estate board, inventory is still among the lowest reported monthly levels in over 20 years.
Despite a modest rise in inventory last month, the board reports that conditions remain relatively tight, especially for semi-detached, row and apartment-style properties.
The 52 sales in September were slightly above the 10-year average for the month, but marginally behind sales totals for the previous three years.
The most active sector of the market last month was between $500,000 and $599,000, which saw 13 sales.
There were eight sales between $200,000 and $299,000, which was the same number for $300,000 to $399,000 and $400,000 to $499,000. There were seven sales between $600,000 and $699,999 and seven more from $700,000 to $999,999. There was one sale under $200,000.
In High River, the benchmark price was $443,600 in September, which is down from a high-water mark of $454,500 in June, but is up almost eight per cent year over year.
High River saw 35 sales last month, with the $400,000 to $499,000 sector being the most active.
Year-over-year benchmark price increases in the region include Calgary at 8.7 per cent, Airdrie at 8.2 per cent, Cochrane at 5.5 per cent and Chestermere at 7.1 per cent.
