Sales are booming in the towns that surround Calgary. For the third quarter in a row, double-digit growth has been recorded in the resale housing market in Cochrane, Airdrie and Okotoks. Home buyers are flocking to these towns due to the lower prices and higher selection available.
During the first quarter of 2014, 44% of the new listings for single-family dwellings had a price tag lower than $400,000 in these towns. In Calgary, on the other hand, only 23% of the homes were lower than this price point.
There were 1,104 units sold in the communities surrounding Calgary, which was 28% more than what was recorded during the first quarter in 2013. As well, there were 1,110 new listings added, which was an increase of 2%.
Cochrane home sales
In Cochrane, there were 174 units that changed hands in 2014's first quarter, making it a record-breaking quarter for the town. While the inventory levels were reduced as a result of this high sales volume, the resale market had a better supply then Calgary, Airdrie and Okotoks. The benchmark price for a single-family home in the town was $418,500, which was a 5.6% gain on a year-over-year basis.
Okotoks home sales
Okotoks also saw a lot of activity during the first quarter with 149 units sold. There was a decline seen in the number of new listings, which caused tighter conditions in the market. Price gains were also supported by the lower inventory levels. The benchmark price for a single-family home in this town was $391,867 for the quarter. This was a 1.3% increase when compared to the preceding quarter and a 4.5% rise when compared to last year's first quarter. During the month of March, the benchmark price for a single-family home went up to $399,400, which was a new record.
Airdrie home sales
Airdrie recorded 336 sales during the first quarter. This marked the fourth quarter in a row where sales growth was in the double digits. There were a number of new listings in the single-family home category but with the continued demand and sales activity occurring, a lot of upward pressure was put on prices. The price average for an Airdrie single-family home was $365,267 in the first-quarter of 2014. This was an unadjusted gain of 6.3% when compared to the numbers reported during the first quarter last year.