CREB®’s January 2024 regional figures, released on February 1, show more listings and more sales in all three towns, but no real change in supply.
Airdrie
Stronger detached and row sales offset declines in semi-detached and apartment sales, so total sales rose from last January. More new listings helped, but inventory stayed at about half of normal. The benchmark price was stable on the month and nearly 10% higher than January 2023, with apartments rising fastest.
Cochrane
There were 83 new listings and 70 sales, an 84% ratio. Months of supply fell below two months, after four months above. The benchmark price eased slightly from December but remains over 10% higher than last January across all property types.
Okotoks
Sales and new listings both rose. The ratio fell to 75%, still high but better than the 86% average of last year. With just over one month of supply, the benchmark price reached $589,600. Annual gains ranged from 15% for row homes to 6% for apartments.
What it means: the towns start 2024 tight. Cochrane’s brief cooling in the fall has already reversed.
Airdrie: inventory at half of normal
Stronger detached and row sales offset declines in semi-detached and apartment sales, so total sales rose from last January. A boost in new listings helped, but because sales rose too, inventory did not shift much and stayed at about half of typical levels. The benchmark was stable from December but nearly 10% higher than a year ago. Apartments, the most affordable type, had the biggest price gains. That fits the 2023 pattern, when row and apartment prices in Airdrie rose more than twice as fast as detached prices.
Sales-to-new-listings ratio in the towns, January 2024
Cochrane: tight again after a looser fall
From September to December, Cochrane had more than two months of supply, and in November its ratio fell to 59%, the lowest since 2020. January changed that. With 83 new listings and 70 sales, the ratio rose to 84%, inventory stayed flat and months of supply fell below two months again. The benchmark eased slightly from December, but prices across all property types are still more than 10% higher than a year ago.
Okotoks: more listings, still low supply
Sales and new listings both rose compared with December and last January. The ratio of 75% is still relatively high but better than the 86% average of 2023. Even so, the jump in new listings was not enough to change the low inventory, and supply stayed at just over one month. The benchmark rose to $589,600, higher than last month and last year. Annual gains ranged from 15% for row homes to 6% for apartments.
Compared with Calgary
Calgary’s January benchmark was $572,300, so Okotoks is about $17,300 higher. In the city, inventory was nearly 49% below the long-term average and months of supply was 1.3, similar to the tight conditions in the towns. Calgary’s detached benchmark is now above $700,000, at $702,200.
Practical takeaways
- Buyers in Cochrane: the extra choice of late 2023 has faded; act quickly on good listings.
- Buyers in Okotoks: more listings than last year give slightly more choice than at any point in 2023.
- Sellers in Airdrie: with inventory at half of normal, the spring market should favour you.
What to expect this spring
CREB’s 2024 forecast, released in January, expects more new listings and housing starts this year, but says supply growth takes time and sellers’ conditions should persist through the spring. In the towns, January already showed both sides of that outlook: more listings in Okotoks and Airdrie, but strong sales absorbing most of them. Lower-priced homes are expected to stay the tightest part of the market.
