CREB®’s October 2024 regional figures, released on November 1, show inventory well above last year’s very low levels in all three towns.
Homes for sale, October 2023 vs 2024
Airdrie
Sales and new listings were both higher than last October, and the sales-to-new-listings ratio rose to 67%. There were 365 homes for sale, against 213 a year ago. After three years of low inventory, the market is moving toward balance. The benchmark price eased from September but was still 5% higher than last October.
Cochrane
Sales rose and stayed above long-term trends, while new listings set the highest October total on record. Inventory reached 178, still below long-term trends, with 2.3 months of supply. The benchmark price was slightly lower than September and 6% higher than last year; the year-to-date average is up over 9%.
Okotoks
New listings gave buyers more options, and sales rose. Inventory was 103, up from a near-record low of 66 last October. With less than two months of supply, conditions favour sellers. Prices eased from September but were over 6% higher than last October and over 8% higher year to date.
What it means: buyers in the towns have more to choose from than a year ago, but the market has not tipped their way.
Compared with September
September was the month the towns crossed important thresholds: Airdrie’s supply reached 2.3 months, Cochrane’s three months and Okotoks’ two months. In October, the picture settled. In Airdrie, fewer new listings than in September pushed the ratio up to 67%, which slowed inventory growth to 365 homes, compared with 349 in September. Cochrane’s inventory edged up from 174 to 178, and its supply eased from three months to 2.3. In Okotoks, inventory slipped from 106 to 103 homes, because sales grew faster than new listings, and supply was below two months again.
What happened to prices
Benchmark prices eased in all three towns in October, but CREB pointed to seasonal factors. In Airdrie, seasonally adjusted data show prices relatively stable over the past four months; the unadjusted benchmark, $551,000 in September, was 5% higher than last October. Cochrane’s benchmark, $578,300 in September, slipped slightly and was 6% above last year, with the year-to-date average up over 9%. Okotoks, $630,300 in September, also eased but was over 6% higher than last October and over 8% higher year to date.
Compared with last October
The year-over-year changes are striking. Airdrie had 213 homes for sale last October and 365 now. Okotoks had a near-record low of 66 and now has 103. Cochrane set its highest October total for new listings on record. After three consecutive years of low inventory in Airdrie, CREB said recent gains are helping shift the market toward more balanced conditions, and the move away from an extreme sellers’ market has reduced the pressure on prices.
How the towns compare with Calgary
Calgary had 4,966 homes for sale and 2.3 months of supply in October, the same supply level as Cochrane. Calgary’s benchmark was $592,500. In September, the last month with town benchmarks in CREB’s release, Airdrie and Cochrane were below the city level and Okotoks was above it.
Practical takeaways
Buyers in all three towns have more choice than a year ago. In Airdrie and Cochrane, use it: compare several homes and negotiate on price and terms. In Okotoks, supply is still below two months, so expect competition for well-priced homes. Sellers should price based on recent fall sales rather than spring highs and should expect buyers to take more time.
The year-to-date gains in all three towns, over 9% in Cochrane and over 8% in Okotoks, show how much of 2024’s price growth happened in the first half, before supply began to recover.
