Another month is done, so it's time for us to look at the Cochrane real estate market and see what's gone on. How many homes went up for sale? How many sold? What's the general price trend been like? We're going to dive into what the current market looks like for buyers and sellers, so keep reading to get up-to-speed on the real estate market for April 2022.
Cochrane Real Estate Market Update - New Going Into May 2022
The number of new listings in Cochrane for April 2022 was roughly 187, which is an increase of 17.6% compared to this time last year and an increase of 6.6% year-to-date. Sales have also increased for the year-to-date by 5.9%—however, sales are down by 19.7% compared to April 2021.
Does the lower number of sales indicate that Cochrane real estate isn't in demand? Not at all, and here's why.
The Cochrane real estate market has an incredibly low inventory at just 120 homes on the market, and the inventory is still shrinking. Last April, there were almost a third more homes on the market than there are today. The lower number of sales isn't indicative of a lack of demand—it's demonstrating a lack of supply.
Year-over-year, the months of supply in the Cochrane market have dropped by just over 12%, settling at just 0.84 months. In other words, it would take roughly 25 days for every single house on the market to sell if new listings stopped being added right now. Normally, you wouldn't measure this time in days. In a balanced market, you typically see four to six months of supply. When the months of supply are more easily measured in weeks or days, it's a strong indicator that you're in a seller's market.
Another factor to look at is what the residential benchmark price is doing. Cochrane homes remain in high demand, selling at a benchmark price of $530,000, almost 21% higher than homes were selling for last April. With the shrinking inventory trying to meet a demand that's as strong as ever, you naturally see prices rise as they're doing in Cochrane.
One more interesting metric we're seeing—the types of homes Cochrane homebuyers are buying have shifted since last year. In 2021, the most common home sales were of homes in the $300,000-$400,000 price range, followed by $400,000-$500,000 and then $500,000-$600,000. In 2022, you can bump each of those ranges up by $100,000 to see the same trend. While this could simply be indicative of the general price increase, it's interesting to note that some Cochrane homes are now selling for $1 million+ where they weren't before.
Cochrane Real Estate Forecast: What's Coming Next?
Taking the current data into consideration, we predict the coming months will continue to be a hot market favouring sellers. However, the number of monthly sales is slowly cooling off from the massive spike in 2021, and checking factors like inflation and appreciation will help you determine the best time to buy or sell your Cochrane property. Curious what your current Cochrane property's value is? We can give you a free market analysis to help you see how your home stands up to other homes for sale.
Take Advantage of the Current Cochrane Real Estate Market With Justin Havre & Associates of RE/MAX First
With an ever-changing real estate market, it can be hard to keep up with the latest trends. Check back regularly or get in touch with Justin Havre & Associates of RE/MAX First to stay on top of all the newest real estate market updates.