Okotoks house prices continue to climb, setting another all-time high in June.
According to statistics released by the Calgary Real Estate Board, the benchmark price reached $585,300 in June, a two per cent gain over the previous month and six per cent higher than at this time last year.
The benchmark price, which the board says is the price of a typical home in an area, finished 2022 at $525,200 after gradual declines over the latter half of the year, but has risen considerably over the first six months of 2023.
The benchmark price of a detached house in Okotoks in June was $650,300, which is also up six per cent from this time last year.
A persistent lack of inventory continues to be an issue in Okotoks and is one of the factors pushing prices higher. June saw 84 new listings, but with 87 sales during the month, the sales-to-new-listings ratio once again pushed above 100 per cent.
“This caused further inventory declines, and the months of supply dropped to 0.7 months, the lowest level ever reported for June,” according to the real estate board.
The 87 sales in June were above the 10-year average for the month, but slightly behind totals in 2021 and 2022.
With only 60 properties on the market, the listing inventory was down more than 40 per cent year-over-year.
The most active sector of the market last month was between $600,000 and $699,999, which saw 19 sales, followed closely by 18 sales between $700,000 and $999,999. There were 15 sales between $500,000 and $599,000.
House prices in Okotoks increased sharply late in 2021 and throughout the early part of 2022, hitting a high point last May at $560,700, but declined gradually over the latter half of the year to finish up 7.2 per cent year-over-year.
In High River, the benchmark price jumped to $454,500 in June, up from $403,900 where it ended 2022. Prices in High River are up nine per cent year-over-year, making it the largest increase in the Calgary region.
High River saw 30 sales in June, slightly above the 10-year average, with only four in excess of $600,000. There were eight sales between $400,000 and $499,000 and seven more between $500,000 and $599,000.
Year-over-year benchmark price increases in the region include Calgary at 4.4 per cent, Airdrie at three per cent, Cochrane at 1.7 per cent and Chestermere at four per cent.
