Following a slower start to the year, house sales in March rose to nearly the same level of new listings coming onto the market in Cochrane, pushing the sales-to-new listings ratio up to 99 per cent.

The Calgary Real Estate Board (CREA) says this also contributed to further declines in inventory levels, and the supply level has dropped to 1.25 months. 

As of March, the total residential benchmark price reached $555,300, a monthly gain of over one per cent and a year-over-year increase of nearly 12 per cent. Prices rose across all property types, and detached prices pushed above $650,000 for the first time.

There were 96 homes sold in March, up 24.2 per cent year-to-date and 10.3 per cent year-to-year. There were 97 new listings with a total inventory of 120 homes, down 22.6 per cent year-to-year.

Airdrie and Okotoks are also experiencing strong sales and lower inventory levels. In March, the benchmark price in Airdrie was $636,500 and $683,100 in Okotoks.