January. The gains in sales were possible due to the boost in new listings in January
compared with levels recorded over the past few months. However, given the persistently
low inventory levels, the market remains in strong sellers’ market conditions with less than
one month of supply.
Persistently tight market conditions continue to place upward pressure on prices. In
January, the total residential benchmark price rose by nearly three per cent over last
month to $408,900. Most of the increase was due to significant gains recorded for both.
Cochrane: Sales in Cochrane hit record high levels for January. The growth was supported by gains in new listings relative to what was available over the last few months of 2021. The monthly gains in new listings helped keep inventory levels relatively stable, but with only 62 units available in inventory, levels are over 70 per cent lower than what we traditionally see in the market. The strong sales and low inventory levels kept the months of supply below one month, the lowest ever recorded for January in Cochrane. The tight market conditions continue to place upward pressure on prices. In January, the benchmark price for a detached home rose to $512,900. Due to strong monthly gains occurring at the end of last year, the monthly growth was not as high as what was seen in some other regional markets.
Okotoks: Sales activity remained relatively strong in Okotoks, despite persistently low inventory levels. In January, there were 38 units in inventory, the lowest levels every seen for the month and 76 per cent lower than long-term averages. With 43 sales this month and 38 units in inventory, the months of supply remained exceptionally tight at under one month. Okotoks has not faced conditions this tight since 2006 and it is causing upward pressure on prices. In January, the detached benchmark price rose to $515,100, a significant increase compared with last month and over eight per cent higher than last year.
Information sourced from CREB, for the full report click HERE.