March residential real estate sales in the Foothills Region continues at a blistering pace. Calgary’s volume is up but the average percentage buyers are paying over list price is dropping. Okotoks is on fire but inventory is starting to climb which should moderate future gains similar to Calgary’s March results.
By the numbers for us stat geeks; 2 weeks into March 2022 (residential); Okotoks saw 53 sales in the first two weeks of March. 20% (10 homes) sold for under list price with the typical amount being $5,000, 80% (43) homes sold at list price or over. Average over list price was 3.79%. Range is 4% under list to 16% over list. Median over list was $30,000 with a range of $2,000-$110,000. 40% increase in volume Y/Y and 18% increase in average sale price Y/Y. Volume was up in March over first two weeks of Feb 2022 by 60% with the average selling price over list up from 1.74% in Feb to 3.79% in March 2022. Calgary detached sales for the first two weeks of March; Y/Y Volume up 27%, Avg Price up 10% Y/Y. Volume up over the first two weeks of Feb 2022 by 14.4% but avg selling over list price down from 5.1% in Feb to 2.61% in March 2022. :: Breakdown of LP/SP Calgary for first two weeks of March; 24% under list, 26% between list and 2% over, 14.4% between 2 and 5% over list, 23.4% between 5 and 10% over list, and 11% over 10% above list price. Hang onto your hats. The chinook winds area blowing. I predict that inventories will continue to climb as spring warmth is in the air and sellers jump in to take advantage of the current price gains. Buyers need to always remember when buying; location, location, location.