We saw a MAJOR increase in inventory levels for detached Okotoks homes in May.
There were 125 new listings compared to 77 new listings in April. To put this increase into perspective, in May 2016 there were 81 new listings in Okotoks. In May 2017, there were 71.
The increase is in part due to the late spring, as sellers waited for the weather to improve before listing.
The economic situation also plays a role as the recovery is not enough to outweigh the changes to the new lending regulations.
Economic uncertainty along with the new mortgage qualification rules have drastically decreased the number of eligible buyers.
There were 39 total sales of detached homes in Okotoks in May compared to 36 in April.
The median sale price was $449,990 compared to $443,325 in April.
Inventory levels clearly outweigh the number of qualified buyers.
Sellers have to be aggressive with their pricing if they want their property to sell in this market.
Remember, I'm always available to answer your real estate related questions.