High River and Strathmore See Home Sales and Prices Climb in February
In a notable shift within Calgary's outlying resale real estate market, two communities stood out with growth in February, according to recent statistics from the Calgary Real Estate Board. High River and Strathmore, both recognized as the most affordable areas in the region, reported increases in both sales and benchmark prices, contrasting with trends in other nearby markets.
Affordable Markets Drive Growth
High River experienced a six per cent year-over-year rise in sales, while its benchmark price climbed nearly three per cent to reach $500,300. Similarly, Strathmore, which holds the title of the least costly market tracked by CREB, saw its benchmark price increase by almost two per cent to $437,700, accompanied by a significant sales surge of more than 36 per cent.
Mixed Results Across Other Communities
Other outlying areas presented a varied picture. Chestermere maintained price stability with a slight 0.2 per cent year-over-year increase in benchmark price to $703,700, making it the second most expensive market. However, demand waned as resales dropped nearly 33 per cent from the previous year.
Cochrane faced a decline in benchmark price of over three per cent to $553,500, despite sales rising more than 21 per cent. Airdrie's benchmark price fell more than five per cent to $512,200, with sales dipping less than one per cent. Okotoks recorded a minor drop of less than one per cent in benchmark price to $612,300, alongside a 20 per cent decrease in sales.
In Canmore, the highest-priced market, the benchmark price decreased by more than two per cent to $1,049,400, yet sales jumped over 45 per cent, indicating robust demand in this premium segment.
Inventory Trends and Market Insights
The CREB report highlighted that inventory levels across all markets increased year over year. However, on a month-over-month basis, many markets are showing a downward trend in supply levels, suggesting potential shifts in availability and pricing dynamics in the coming months.
This analysis underscores the resilience of affordable communities like High River and Strathmore in a fluctuating real estate environment, while highlighting the challenges and opportunities in other outlying areas of Calgary.
