January's numbers show the Okotoks real estate market has definitely cooled.
The average days on market (DOM) for January is 78 compared to 59 days in December.
Total sales in detached properties in January is 19 compared to 30 in December.
There were 66 new listings in January compared to 31 in December.
An increase in days on market tells us properties are taking longer to sell; a decrease in the number of sales tells us activity is down; and the increase in the number of new listings tells us there are more listings than there are buyers.
However, the sale price to list price remains at 98% and the Median Sale Price increased to $430,000 over $415,125 in December. The slight increase in Median Sale Price tells me the lower priced properties are moving over the higher priced homes, as although it's increased, it's still in the low $400's.
There's plenty of inventory for Okotoks buyers to choose from and sellers need to be competitive in their house pricing if they want their property to sell.
Remember, I'm always available to answer your real estate related questions.
If you're thinking of buying or selling a property in Okotoks, don't hesitate to contact me to discuss your best options in this difficult market.