The Okotoks real estate market statistics for March are fairly close to February's statistics, except for the number of new listings for each respective month.
In February, Okotoks saw 61 new listings; in March we saw a huge increase of 86 new listings in detached properties. That is a significant increase considering we don't yet have the buyers in parallel to this number. I suspect we will see even more new inventory in the coming months as the spring market arrives.
Median Sale price in March was $456,250 compared to $448,750 in February. Slight increase but not too significant.
Average Days on Market (DOM) is 62 compared to 66 in February.
And the total sales are 33 for March where they were 36 in February.
The continued snow has delayed house hunters from starting their home search; and the mortgage rules are making it more difficult for potential home buyers to qualify. This along with increased inventory means we still have a buyers market and sellers will have to be extra competitive when deciding what price to list at.
A market like this is beneficial for investors. With less people qualifying for mortgages, the rental market has increased. And with it being a buyers market, it's an ideal time for investors to purchase.
Remember, I'm always available to answer your real estate related questions. So if you or anyone you know is thinking of buying or selling, feel free to get in touch to discuss how we can work together to reach your real estate goals.