Okotoks’ real estate market experienced an expected dip in December, but 2024 proved to be another banner year as prices finished up 8.5 per cent, according to statistics released this week by the Calgary Real Estate Board.
The benchmark price, which the board says is the price of a typical home in an area, finished 2024 at $612,400, up from $565,400 a year earlier. The benchmark price sat at $525,200 at the end of 2022.
Okotoks’ benchmark price set a record seven times in 2024, beginning in February when it reached $605,500, gradually escalating to $630,300 in September before declining slightly in the fall.
The detached benchmark price in Okotoks finished the year at $690,100, up 10.3 per cent from the $625,600 figure at the end of 2023. It marked the highest percentage increase in the region.
Inventory, or lack thereof, continues to be an issue in Okotoks, although new listings rose by 16 per cent in 2024, supporting sales growth of nearly eight per cent.
“However, throughout most of the year, inventory levels were half the levels traditionally seen in the market and have not been high enough to change the seller market conditions that have persisted in Okotoks since 2021,” the board stated.
With an inventory of 50 listings, Okotoks has 1.92 months of supply, which is the lowest of any community in the region.
The board also said that several years of price growth in Okotoks has caused a rise in activity for semi-detached and row-style units, which has seen prices grow by more than 11 per cent in that sector on an annual basis.
There were only 26 sales last month, making it the slowest December since 2019.
The most active sector of the market last month was between $600,000 and $699,999, which saw nine sales.
In High River, the benchmark price was $481,300 in December, which is down from a high-water mark of $493,400 in September, but up 7.6 per cent year over year.
High River recorded 12 sales last month, slightly below the 10-year December average as supply continues to be an issue.
Benchmark prices increased throughout the region in 2024, including in Calgary ($583,300, up 3.2 per cent), Airdrie ($542,400, up 4.4 per cent), Cochrane ($571,600, up 5.9 per cent) and Chestermere ($692,300, up 9.8 per cent).
Detached benchmark prices increased at a greater rate, reaching $747,500 in Calgary (up 7.2 per cent), $641,700 in Airdrie (up 5.7 per cent), $670,700 in Cochrane (up 6.4 per cent), $790,500 in Chestermere (up 10.1 per cent) and $552,100 in High River (up 7.5 per cent).
