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The information below is an update from the Town of Okotoks Economic Development Team regarding housing information in Okotoks and the surrounding region as discussed at the last City Council meeting.
MUNICIPAL MANAGER`S REPORT #6-09
Update on residential Sales Activity for Calgary – Okotoks / February, 2009
The data source for the analysis is the Calgary Real Estate Board, Multiple Listing Service.
The purpose of the comparative analysis is to provide a response to the media coverage that the City receives regarding its housing market.
Notwithstanding the difference in the sales volume, there is a consistent relationship with respect to the number of sales in each respective period and the change from period to period (quarter to quarter, month to month) between the two municipalities.
It is unknown what the data represents for each sale period with respect to the quality of housing stock, however, the market levels and activity speaks to the nuances that exist in different market areas.
It would be reasonable to assume that the influx of purchasers into the Calgary market drove the values up higher and now due to market forces of supply and demand, the Calgary values are now seeing a similar adjustment on the down side.
The market place will reflect true value during periods of relative equilibrium. For many years the average or typical number of `days on the market` (DOM) before sale has been accepted as being 60 DOM and the market has returned to that.
Sales volume is down but the price is seemingly holding in Okotoks perhaps as a reflection of the value of the real estate and the associated amenities, services and values associated with the municipality.
It is interesting to note that the average sale price for Feb. 2009 in;
·High River $354,443 (36 sales)
·Airdrie $331,166 (15 sales)
·Chestermere $416,250 (6 sales)
·Okotoks $428,883 (37 sales)
In the past Chestermere housing has been on average at a significant premium to Okotoks due to the prevalence of "estate" quality housing stock.
The difference now could be the recognition that the market is giving to the infrastructure et al associated with the two municipalities.
MUNICIPAL MANAGER`S REPORT #6-09
Update on residential Sales Activity for Calgary – Okotoks / February, 2009
The data source for the analysis is the Calgary Real Estate Board, Multiple Listing Service.
The purpose of the comparative analysis is to provide a response to the media coverage that the City receives regarding its housing market.
Notwithstanding the difference in the sales volume, there is a consistent relationship with respect to the number of sales in each respective period and the change from period to period (quarter to quarter, month to month) between the two municipalities.
It is unknown what the data represents for each sale period with respect to the quality of housing stock, however, the market levels and activity speaks to the nuances that exist in different market areas.
It would be reasonable to assume that the influx of purchasers into the Calgary market drove the values up higher and now due to market forces of supply and demand, the Calgary values are now seeing a similar adjustment on the down side.
The market place will reflect true value during periods of relative equilibrium. For many years the average or typical number of `days on the market` (DOM) before sale has been accepted as being 60 DOM and the market has returned to that.
Sales volume is down but the price is seemingly holding in Okotoks perhaps as a reflection of the value of the real estate and the associated amenities, services and values associated with the municipality.
It is interesting to note that the average sale price for Feb. 2009 in;
·High River $354,443 (36 sales)
·Airdrie $331,166 (15 sales)
·Chestermere $416,250 (6 sales)
·Okotoks $428,883 (37 sales)
In the past Chestermere housing has been on average at a significant premium to Okotoks due to the prevalence of "estate" quality housing stock.
The difference now could be the recognition that the market is giving to the infrastructure et al associated with the two municipalities.