Tight conditions persist in the Cochrane market causing further gains in prices.
Prices rose across all property types in April, with the detached residential benchmark price reaching $663,500, one per cent higher than last month and nearly 11% higher than April 2023.
Sales are down 21% compared to last April contributing to the sense of a sluggish Spring market. The lingering effects of winter may have played a role in this, as potential buyers await more favourable weather to kickstart their purchasing plans. Despite this, year to date sales are up nearly 7% over last year.
April also noted a decrease in new home sales, although there has been a slight uptick in the number of resale homes entering the market, resulting in a 3% increase in inventory compared to the last year. So, while the months supply of inventory is up 30% from this time last year, it is still sitting below 2 months and Days on Market is down 25% to 24 days. Both indicators reflect the ongoing trend of tight market conditions, indicating a continued challenge for buyers finding suitable properties. It is still important for buyers to be ready to act when their desired property hits the market.
