As we near the spring real estate market, we're seeing an increase in sale prices, number of sales and new listings.
The median sale price for detached Okotoks homes in February was $450,000, up from $429,150 in January.
The total sales equals 28, up from 16 in January.
But where we see the largest increase is in the number of new listings, which was 62 in February, up from 37 in January.
The average days on market stays the same at 66 in February, and 65 in January.
This tells me we're still in a buyers market. The increase in the number of listings means there is more inventory for buyers to choose from. With the average days on market at the same number, buyers are not in a hurry to buy - they're taking their time and ensuring they view all the inventory available to them.
March will bring increases in CMHC fee's for buyers putting less than 20% down (as of March 17th). This could potentially trigger an increase in home purchases as buyers try to buy before the rates go up.
Overall, as in passed months, Okotoks fairs well. Activity is always fairly active and there is always interest in our community. We're just still in a bit of a lull until the spring market arrives.
Oh, and if you're wondering why I post my stats a few days after the end of the month deadline, it's to allow time for agents to report their sales for the previous month in the MLS system - REALTORS®️ are busy and sometimes don't get to their reporting until after the end of the month deadline
Always remember, if you would like more in-depth market stats for your area, just let me know.