CREB®’s July 2024 regional figures, released on August 1, show more listings in the towns as well as in the city.
Benchmark price, July 2024
Airdrie
New listings rose to 287, the highest ever for July, while sales slowed to 186. Inventory improved to 298 homes, still 26% below typical July levels. The benchmark price was $553,900, similar to June and 8% higher than last year. Lower price ranges remain tight.
Cochrane
Sales rose from last year, and year-to-date sales are up nearly 8%. New listings also improved but did not change the low inventory. With an 83% ratio and 1.5 months of supply, the benchmark price reached $576,600, up nearly 1% in a month and 9% in a year.
Okotoks
Sales slowed relative to new listings, and inventory rose 25% from last year to 85 homes, still half of the usual July level. With a 78% ratio and 1.3 months of supply, the benchmark price reached $622,200, over 6% higher than last July.
What it means: Airdrie buyers have the most new choice this summer. Okotoks, with the fewest homes for sale, remains the tightest.
Airdrie: the biggest change
In June, Airdrie had 269 new listings and 209 sales. In July, new listings rose to 287, the highest ever for the month, while sales slowed to 186. Inventory improved to 298 homes, compared with only 208 in May. Inventory grew in most price ranges, although the lower price ranges of each property type are still tight. The benchmark price held steady: $553,900 in July against $554,500 in June. For a town that has struggled with supply for several years, this is the first real breathing room in a long time.
Cochrane: still tight
Cochrane did not follow Airdrie. Sales rose from last year, bringing year-to-date sales up nearly 8%, and new listings also improved, but not enough to shift inventory from its low level. The ratio was 83%, with 1.5 months of supply, close to June’s nearly one and a half months. The benchmark kept rising, from $571,100 in June to $576,600, so Cochrane’s total price is now well above Airdrie’s.
Okotoks: more homes, still scarce
In Okotoks, slower sales relative to new listings lifted inventory to 85 homes, 25% more than last year but still half of the usual July level. In June, there were 81 homes for sale. The 78% ratio and 1.3 months of supply keep sellers in control. The benchmark price reached $622,200, up from $617,200 in April and over 6% higher than last July, though CREB noted some month-to-month fluctuation.
How the towns compare with Calgary
Calgary’s July benchmark was $606,700, flat from June, with inventory above 4,000 homes for the first time in nearly two years and 1.8 months of supply. Airdrie’s market is now moving in the same direction as the city, while Cochrane and Okotoks remain tighter than Calgary. Okotoks is the only one of the three towns where the total benchmark is higher than the city’s.
Practical takeaways
Airdrie buyers have the most new choice this summer, so it is a good time to view several homes and negotiate on price and conditions. Cochrane buyers should still expect competition, especially for lower-priced homes, and should have financing in place before making an offer. In Okotoks, the extra listings help, but supply is still very low, so sellers can expect solid demand. If you are selling in Airdrie, price carefully against the new competition rather than relying on spring results.
August and September usually bring fewer new listings than the spring, so the next two months will show whether Airdrie’s gain in supply lasts.
We will update these comparisons when CREB publishes its August figures.
