Fresh off a record-breaking 2024, Okotoks house prices began the new year by trending upward in January.
According to statistics released by the Calgary Real Estate Board, the benchmark price, which the board says is the price of a typical home in an area, reached $614,900 last month, up from $612,400 in December.
A lack of inventory continues to push prices higher, with the board stating that the 68 units available in Okotoks last month are half of what they were in January prior to the pandemic.
“Limited supply has driven much of the price gains in this market since 2021,” the board stated in its monthly statistics package.
Prices finished 2024 up 8.5 per cent as the benchmark set a record seven times, beginning in February when it reached $605,500, gradually escalating to $630,300 in September before declining slightly in the fall.
There were only 31 sales last month, putting it at the 10-year average but below last January’s 43 sales.
The most active sector of the market last month was between $600,000 and $699,999, which saw 10 sales. The most active sector in the same month last year was between $500,000 and $599,999.
The detached benchmark price in Okotoks was $692,500 in January, up slightly from $690,100 in December but well ahead of the $625,600 figure at the end of 2023.
In High River, the benchmark price was $485,100, up from $481,300 in December, but below the high-water mark of $493,400 last September. The benchmark price has increased 6.5 per cent year over year.
High River recorded 17 sales last month, slightly above the 10-year average, with the most active sector between $400,000 and $499,999.
Inventory levels in High River remain the lowest in the region.
