It seems the Okotoks housing market is "benchmarking" a new trend.
Okotoks’ summer housing market has seen steady sales and listings, according to the Calgary Real Estate Board (CREB). In June, the town recorded 89 new listings and 70 sales, while July saw 78 new listings and 70 sales, resulting in a sales-to-new-listings ratio of 90 per cent.
Although supply has improved from the low levels of the past five years, it remains below normal levels, CREB reported. Benchmark prices continue to decline, likely due to increased competition from new developments in south Calgary.
As of July, the unadjusted detached benchmark price in Okotoks eased to $695,700, a decrease of more than two per cent compared to the same time last year.
In the broader Foothills region, CREB reported 137 sales and 194 new listings in July, with a sales-to-new-listings ratio of 71 per cent. The region’s inventory sits at 365 homes, with 2.66 months of supply.
The benchmark price in Foothills is $690,400, with an average price of $741,733, and a median price of $627,500. Year to date, the region has recorded 799 sales and 1,289 new listings, with a year-to-date benchmark price of $681,114.
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