Cochrane Real Estate Update to April 2024

 

Over the three-month period, the Cochrane real estate market displayed notable trends across several key statistics. Firstly, there was a consistent increase in new listings from January to February, peaking at 105 units before experiencing a slight decrease in March. This rise in new listings contributed to a significant year-to-date gain of 22 percent, indicating robust activity in the market. 

Sales figures fluctuated slightly but generally maintained an upward trajectory throughout the three months. January saw 70 sales, followed by 65 in February and a notable increase in March, nearly matching the number of new listings. This pattern suggests ongoing demand from buyers despite fluctuations in inventory levels.

The sales-to-new listings ratio remained relatively high across the three months, indicating a market favoring sellers. January started strong with a ratio of 84 percent, followed by 62 percent in February and a notable surge to 99 percent in March. This increase in the ratio in March suggests heightened competition among buyers in response to increased sales activity.

Inventory levels experienced fluctuations over the period, with slight increases in February followed by declines in March. Despite these variations, inventory levels remained lower than typical for the market, indicating ongoing supply constraints. The months of supply, which reflect the relationship between supply and demand, also fluctuated but generally remained at relatively low levels, ranging from just under two months to just over one month.

Throughout the three months, the unadjusted benchmark price continued to rise steadily. Starting at $548,300 in February, it increased to $555,300 in March. This represents a notable year-over-year increase of over 11 percent, demonstrating sustained price growth in the Cochrane real estate market.

Overall, the three-month period showcased a resilient market characterized by increasing new listings, stable to increasing sales activity, limited inventory, and steady price appreciation. These trends suggest a market with ongoing demand from buyers and potential for further price growth in the near future.