New home listings on the upswing

For the second month in a row, new listings improved in the town of Okotoks compared to last year. 

However, according to the latest stats from the Calgary Real Estate Board, as sales also improved over the past two months, inventory levels in February remained stable compared to last month and only slightly higher than last year’s levels. 

Inventory levels are near record lows for the month and are 63 per cent below long-term trends.

Okotoks has struggled to add enough supply to keep pace with demand, keeping conditions tight and driving home prices. 

As of February, the unadjusted benchmark price reached $605,500, nearly three per cent higher than last month and a 10 per cent jump from last year at this time.

There were 47 home sales in February in Okotoks, up 4.4 per cent year-over-year and up 23 per cent year-to-date.

The detached benchmark price is $680,900, an increase of 11 per cent year-over-year.

In High River 25 homes sold in February, a huge increase of 40 per cent year-over-year and year-to-date.

The unadjusted benchmark price in High River was pegged at $466,900, up almost 11 per cent year-over-year.

The detached benchmark price last month was $547,200, a jump of 11,5 per cent.