If you are a homeowner in Okotoks, AB or looking at buying in the area, stay tuned for some market updates for JULY 2023.  If you hang around to the end of the video, I will share some more opportunities that it is worth taking advantage of if you are thinking about buying or selling.  

High Level Overview

• To give you an idea of high level view of the Okotoks market, in JULY  there were 1.01 months of inventory, which definitely means JULY was once again a seller’s market for sure.  Months of supply gives us an indication of how long it would take for all the houses to sell in the current market.   To make sense of the this data and where we are, 4-6 months means it is a balanced market, under 4 months means its a seller’s market and drives the prices up, more than 6 months supply means it is a buyer’s market and drives the prices down.

• We are up slightly from JUNES figures of 0.69 months of inventory, which means we are  still short of properties over all.  We are still in the summer market with people on vacation etc so it is nice to see a few more properties coming on.

What is the current Median Price?

• The median price for a property in Okotoks for JULY was $555,000 (this is across all property types).  Last JULY the price was $543,500,000, so a slight gain for this year, and we are down from JUNE this year which was at $579,500

What is the current list price to sale price?

• The list price to sale price for JULY was 100.1%, which is down slightly from JUNE which was at 100.4%.  This could be due to a slight increase in new listings. How does that compare to last year?  Last year we were at 99.6% so we are still on an upward trend!

Current Days on Market

• How long is it taking for a property to sale?  Well, for JULY  it was taking on average 22 days to sell.  This is very similar to  last month which was 21 days, however, last year the days on market were actually 25  days!! The important thing, in every market, is to price correctly from the beginning, and put the preparation in up front, to get your house ready for the market.

What are the current mortgage Interest Rates?

• For an insured mortgage (less than 20% down) on a 5 year fixed rate we are currently at 5.54 %.
• For a insured variable mortgage, on a 5 year variable rate, we are currently at 6.30% (prime minus 0.90%) 

Here is the Okotoks Market Trends Insight

• For the July market stats, it looks like we are still on trend with the rest of the year so far. The seller’s market still seems to be going strong.
• Definitely still seeing multiple offers continuing, and some houses still selling for over list price  across the different types of properties.  

In the ever-changing landscape of real estate, your journey to buying or selling a property is a one-of-a-kind experience. As you consider your next steps, it’s crucial to understand the broader market trends that shape Okotoks’ real estate arena.

The market statistics provided here offer a comprehensive overview of Okotoks’ real estate landscape. I do recognize that these numbers might not capture your specific situation. If you’re considering a move in the near future, please contact me directly.  I am pleased to offer you a complimentary, personalized market evaluation or a dedicated buyer’s consultation.