Having the most up-to-date information about the Okotoks real estate market is essential for those ready to buy or sell a home. Our Okotoks market update provides the latest real estate data to give buyers an inside look to best prepare for their upcoming buying or selling journey. Interested in learning more? Keep reading to discover the latest information regarding the real estate market in April 2022 for Okotoks, Alberta.
Real Estate Market in Okotoks: What to Expect Going into May 2022
The total number of sales in Okotoks in April 2022 was 121, reflecting a 9% increase compared to last year and a 19.9% increase in 2022. Detached homes made up most of these home sales, followed by row homes and apartments.
While this shows rising demand for Okotoks real estate, the inventory isn't replenishing at the same rate. April home sales exceeded new Okotoks market listings. There were 115 new listings in Okotoks in April 2022, 2.5% lower than in April of last year. However, this is an increase of 14.7% year to date.
With lower housing inventory in Okotoks, real estate prices have increased 13% this year. CREB reports that the total residential benchmark price in Okotoks is $538,300, up 13% from last year. Detached and semi-detached homes had the most significant price growth, common in most current real estate markets.
Most properties sold between $500,000 and $600,000 in Okotoks during April 2022. Compared to April 2021, there was an increase in homes priced between $200,000 and $300,000 and $600,000 and $999,000.
Eighty-six Okotoks homes were in inventory in April 2022, down 20.4% since last year. This number has continued to decrease each month this year, reflecting the area's tight market and high demand for real estate.
Okotoks Real Estate Market: What's to Come?
As inventory in Okotoks and the surrounding area remains low, we believe the market will continue to favour sellers. However, other factors, like inflation or appreciation, may influence the best time to buy or sell a home in Okotoks.
If you're in the market to buy a home in Okotoks, prepare for steep competition and start with your strongest offer, backed by pre-approval, all-cash, or other ways to make you stand out from the seller.
With that being said, it's an excellent time to be a seller in Okotoks. Sellers can list now and be assured of having plenty of competing buyers, or they can try to wait to see how high sale prices will climb. Our Calgary Home Evaluation Request can help you get started if you're ready to sell your home.
Justin Havre & Associates of RE/MAX First Will Keep You Updated on the Okotoks Real Estate Market
In a real estate market that's constantly changing, it can be challenging to stay on top of the latest trends. Our site is updated regularly, so check back or reach out to Justin Havre & Associates of RE/MAX for the latest updates on all things Okotoks real estate.