We saw another slow month in October. Sales price & days on market are very close to September's lower levels.
Okotoks saw 33 sales in residential detached properties in October compared to 27 in September. It's surprising to see the total number of sales increase considering activity has been slow.
Median Sale Price for October is $440,000 and in September it was $447,896. Average Days on Market is the same as last month at 66.
New Listings in October has dropped to 47 from 72. This is most likely because inventory is already high and sellers will be waiting until the new year to list.
Properties are still selling for 98% of list price, no change from September.
The next couple months could slow down as the cold weather sets in and families focus on the upcoming Christmas holidays.
There is still a fair amount of inventory and few buyers, making it a buyers market.
Housing demand is low due to lower migration levels, higher lending rates, recent changes to lending policies and of course, the time of year. Sellers have to be patient as we wait out the next couple months.
Remember, I'm always available to answer your real estate related questions. If you're thinking of buying or selling your Okotoks home, don't hesitate to contact me to discuss your best options.