The Calgary Real Estate Board has announced that property sales in towns surrounding Calgary have soared during the third quarter of 2012. Airdrie, Cochrane and Okotoks home sales have seen an incredible boost in activity as buyers look outside the city for a better selection. Right now the supply of single-family homes is diminished in Calgary pushing home buyers to surrounding towns.
Cochrane sales went up 20.34% during the third quarter when compared to last year's sales while year-to-date figures showed a rise of 24.71%. Airdrie home sales statistics for the third quarter have grown 31.16%, with year-to-date figures showing a rise of 30.86%. Okotoks has seen an increase of 21.32% for this quarter and a 12.77% rise for its year-to-date sales.
According to CREB president, Bob Jablonski, the supply of single-family homes in Calgary is down. Couple this with the affordable prices offered in the surrounding towns and you have a formula for driving home sales. Buyers can also get more house for their money in the smaller towns than they can in Calgary proper, which also contributes to this sales boom.
In September the benchmark price for an average home in Cochrane was about 11% less than the cost for a Calgary single-family home. The price for a similar home in Airdrie was $388,600, which was a whopping 22% less than the benchmark price for a single-family home in the city.
Overall, town sales have increased 41% over the figures seen in 2011 with 4,110 units being sold. It's time to warm up the car and head out to the town this weekend to see a great selection of homes at an extremely affordable price.
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