Local agents say Okotoks could be moving into a balanced real estate market this fall.
A mid-year forecast released by the Calgary Real Estate Board (CREB) in August indicated sales activity in Okotoks in the first half of 2017 has been similar to the same time period in 2016. However, few new listings have decreased the amount of inventory on the market, according to the report.
Jovette Morin-Ferguson, a real estate agent with Century 21 Foothills, said the market has slowed quite a bit over the past few years and, though this year has been similar to 2016, it seems a little more stable.
“It used to be a buyer’s market until last year, then it was a seller’s market, and now it’s more of a balanced market,” said Morin-Ferguson.
She said the homes selling the most still tend to be in the $300,000 to $450,000 price range, and more expensive homes are staying on the market longer.
It’s particularly the case for people moving from other places in Canada, like the east coast or Ontario (outside of Toronto), she said.
“To get something for $300,000 you get a castle in New Brunswick, but you don’t get much here,” said Morin-Ferguson. “So, when people are moving in from other provinces it’s the lower-priced homes that are more attractive for sure.”
Right now, the average home seems to be sitting on the market for 45 to 60 days, which is longer than a few years ago but not overly concerning, she said.
According to the CREB report, Okotoks had an average of 3.8 months of supply through the first half of the year, though that number seems to have changed over the summer.
Ana McFadyen, realtor with CIR Realty, said the town currently has about 5.2 months of inventory after seeing a balanced market with just 3.6 months in July. The real estate market is considered balanced with about four months of supply, she said.
In addition, she said it moved from a seller’s market in July into a buyer’s market in August.
“However, we do anticipate it will go into a balanced market in September, but it’s just anticipation,” said McFadyen. “The anticipation is we will get busier, that’s the prediction, that it will go more towards the balanced market and four months of inventory.”
She said prices are stable in Okotoks and area, though they’ve fallen slightly over last year.
Up until, August the average price was $5,000 less than last year, but she said that amount is fairly insignificant in the bigger picture. She said the market typically picks up again in September, which is when sales activity and prices are expected to recover to a balanced state.
