How’s The Market, You Ask?
Living in Cochrane gives us a distinct advantage because we literally breathe the Cochrane air. We KNOW this community … not just the streets and addresses, we know the people. We know the businesses, we know the charitable organizations, we know the stories. We make knowing Cochrane our business and we LOVE being part of this great community. Part of our success simply comes from knowing a whole lot of people, often giving us a jump on the market for our clients. But for me, the greatest part about living in Cochrane is that it takes me a really long time to buy groceries. That might seem like an odd statement, but the truth is, every time I’m in the grocery store (or just generally in public) I run in to someone I know. And I always get the same question …
“How’s the market?”
Let’s be real, I love talking about real estate any chance I get but right now the market is anything but predictable. The term “new normal” is being used to describe everything around us. But I would hesitate to use that term to describe our real estate market these days. Things are definitely different but this is not how things will be forever, this is not “normal”. Take for example the shift from following the Calgary market. While the Cochrane market has almost always been a reflection of the Calgary market, we now seem to have some different trends as people are attracted to a lifestyle that Cochrane uniquely offers. Cochrane offers proximity to the mountains, miles of walking trails, an abundance of parks, wildlife at our doors, community cohesiveness, and housing that’s significantly more affordable than Calgary. In the past 6 months, we’ve also seen an influx of Calgary buyers coming our way. It’s no secret, Cochrane is a great place to call home.
Cochrane area specifically has some interesting trends that have continued since summer. We’ve had 51 sales in the past 30 days and that’s an increase of 6 % from the same period a year ago. We still have low inventory and new listings are down 10.1% year to date. Year over year our inventory levels are down a whopping 23.8% with a saturation rate of 3 months (months of supply). The common thought is that 3-4 months of inventory is considered a “balanced” market but there’s still so much uncertainty that I’d call it anything but “balanced” these days. Prices are still low which has been encouraging sales but discouraging new listings so at some point the lower inventory levels should be pushing prices up …. yet I’ve been saying this since July and it hasn’t happened. The “supply and demand” rule of economics isn’t kicking in yet so that’s where the uncertainty lies for us. The other thing to consider is the low rental inventory in Cochrane as rental prices remain strong and options remain low. This is the perfect storm for investment buyers.
Cochrane currently has 202 listings with prices ranging from $158,800 – $779,000. In terms of volume of sales in Cochrane, this was the strongest October we’ve had in the past 10 years and we’re on track to have a strong November as well.