Price Gains Continue as Inventory Remains Low
This Fall the real estate market has presented a challenging environment, requiring both buyers and sellers to adapt their strategies for making a move.
In Cochrane, year-to-date sales have seen a notable downturn of 22% across all property types. This may be due to shifting buyer dynamics with economic uncertainties like interest rates, inflation and upcoming mortgage refinancing.
The limited housing supply persists and inventory levels remain almost 12% lower than in 2022, and well below long-term trends. Despite the lack of supply, persistently tight market conditions have fostered a 7% year-over-year growth in prices, with the benchmark price of a detached home in Cochrane reaching $540K, an increase of over 7% since 2022. This indicates a resilient market with potential opportunities for sellers to capitalize on property appreciation as the Town grows.
Among property types, apartment condos seem to be the top performers, experiencing the most significant gains in value. This is likely due to being at the more affordable end of the spectrum, along with the investment potential in a strong rental market.
As we move into 2024 staying informed will be crucial for making well-informed decisions. I'm looking forward to being apart of your journey.