Cochrane's robust real estate market, characterized by high demand, limited inventory, and rising property values continues.
Cochrane’s real estate market is kicking off 2025 much like last year, still tight on inventory, but full of demand. In 2024, the sales-to-new-listings ratio averaged 75%, meaning that three out of every four new listings resulted a sale, keeping inventory low. While it improved slightly by year-end, it’s still well below long-term averages, keeping competition high.This persistent demand has contributed to a nearly 9% annual increase in benchmark prices year over year, with the detached benchmark price averaging $664,625. An incredible 48% increase since 2020!
While there is optimism that new housing developments will alleviate some supply constraints, achieving a balanced market is expected to be a gradual process. As of late January 2025, the market remains competitive, with inventory levels still low. Prospective buyers should be prepared for continued price growth and limited availability in the near term.
For now, expect a competitive market in early 2025, with prices likely continuing to trend upward as we move towards a typically excited Spring period. If you're thinking of buying or selling, I can keep you informed on inventory and upcoming projects, and help you in being prepared to make your next move! 🏡📈
While there is optimism that new housing developments will alleviate some supply constraints, achieving a balanced market is expected to be a gradual process. As of late January 2025, the market remains competitive, with inventory levels still low. Prospective buyers should be prepared for continued price growth and limited availability in the near term.
For now, expect a competitive market in early 2025, with prices likely continuing to trend upward as we move towards a typically excited Spring period. If you're thinking of buying or selling, I can keep you informed on inventory and upcoming projects, and help you in being prepared to make your next move! 🏡📈