With the Calgary Real Estate Board (i.e. CREB) having just released our 2024 Real Estate sales statistics, we see some interesting trends unfolding in our local Cochrane market; in particular:
- While average Cochrane home prices have increased by 45% over the past 5 years, the rate of increase is beginning to slow.
Case in point - Cochrane homes appreciated by an average of 6% in 2024; this compares to the average appreciation of +/- 10% per year we experienced in each of 2020, 2021, 2022 & 2023 respectively.
- Inventory levels are steadily climbing. This makes sense, as in addition to typical resale inventory, we have a fair amount of new building happening in various neighborhoods throughout town.
Case in point - We had 146 homes for sale in town as of December 31, 2024; this compares to an average of +/- 90 homes available for sale at the end of each of the 3 years prior.
- As of the end of December, Cochrane had enough inventory to satisfy 3.74 months of sales demand.
In layman terms - if we were to stop listing homes for sale today, we would theoretically have enough homes available to satisfy 3.74 months of Buyer demand. Interesting, as this is the highest inventory to sales demand ratio that we have seen in Cochrane in the past 5 years.
Whether it's a haircut, a work-out, a grocery store line-up or a party, one of the inherent parts of being a local Realtor is that people will always ask you A) How's the market? B) Where do you see the market going?
To answer A - The market remains strong; much stronger than pre-COVID (i.e. 2020) levels. That noted, the pace is slowing and we are arguably settling into a 'Balanced Market' situation (i.e. favors the Seller & Buyer equally in pricing/negotiations).
With regards to B - While there are always many unknows, the decreasing mortgage rates combined with slowing national immigration levels will ensure that Cochrane homes will continue to appreciate at a healthy pace for the foreseeable future. That noted, much of the craziness (i.e. multiple offers, 0 days on market) that we have experienced as of late has been temporarily shelved.
Real Estate Questions? With 23 years of local Real Estate experience, we have the answers.
Kent Bamber - Your Cochrane/Calgary Real Estate Expert Since 2002. Voted Cochrane's Best Realtor 2022, 2023, 2024 (Cochrane Eagle Reader's Choice Awards).
