A lack of houses on the market continues to be an issue in Okotoks, according to the Calgary Real Estate Board.
The board’s November statistics package for the Calgary region shows there were 52 sales in Okotoks last month, but with only 47 new listings, inventory remains tight.
“Unlike other centres, Okotoks reported a pullback in new listings... preventing any significant change to the low inventory situation in the area,” the board stated. “Okotoks has struggled with supply since the end of 2020, keeping the months of supply low below two months throughout most of that time.”
With an inventory of 75 listings, Okotoks has 1.44 months of supply, which is lower than many nearby communities, including Airdrie (344, 2.73), Cochrane (172, 2.65) and Chestermere (191, 4.24). Only High River (25, 1.25) has a lower inventory.
The board said market conditions continue to be favourable to the seller, which is helping push prices higher. The Okotoks real estate market has set price records seven times in 2024.
In November, the benchmark price, which the board says is the price of a typical home in an area, reached $624,000, up from $618,300 in October but below the all-time high of $630,300 set in September.
Prices are up six per cent year over year.
Detached prices hit $707,300 in November, up from $698,500 in October but below the $713,400 mark set in September. Detached prices are up 7.3 per cent year over year.
The 52 sales last month made it the most active November in the last decade, and up 33 per cent from the 39 sales in November of 2023.
The most active sector of the market was $600,000 to $699,999, which saw 16 sales.
In High River, the benchmark price reached $491,400, up from $489,300 in October but below the record high of $493,400 in September. It’s up 8.6 per cent year over year.
Of the 20 sales in High River in November, six were between $500,000 and $599,999 and five were between $400,000 and $499,999.
A comparison of detached benchmark prices across the region shows Calgary at $750,100, Airdrie at $641,300, Cochrane at $665,000, High River at $567,100 and Chestermere at $809,700. Those figures were up from October in High River and Chestermere, but lower in the other areas.
