According to chief economist Ann-Marie Lurie with Calgary Real Estate Board (CERB), “Limited supply choice continues to weigh on sales activity in Airdrie. Persistently tight conditions caused prices to trend up for the fifth consecutive month.”
A seller’s market continued in all sectors of the Airdrie housing market (similar to last year this time) in the latest quarter, with 1.22 months inventory for year-to-date (YTD), as compared to Calgary at 1.03, Cochrane 1.33, Crossfield at 1.88, Chestermere at 1.88, Carstairs at 1.73, Okotoks at .93, and Strathmore at 1.22 months of inventory.
(A seller's market is defined by two months inventory, a balanced market is when there's two to four months, and a buyer's market when there are four months and over).
Airdrie’s average sales price for all residential YTD is $482,155, which is down 1.19 per cent from last year’s average of $487,933. Total sales were 732, down 47 per cent from 2022 at 1,381. Days on Market (DOM) for all products are sitting at 27 days YTD, compared to 17 DOM in 2022.
Detached home sales YTD were 370, down 57 per cent from 2022’s sales of 851 homes. The average price for detached homes YTD is $609,261, which is up four per cent from last year’s $585,357. It's currently a seller’s market, at 1.86 months inventory. Houses are on the market 31 days.
Townhouse (Row) sales YTD are 200, which is a 38 per cent drop from last year’s sales of 324 YTD. The DOM has risen to 18 days YTD compared to last year's average of 16. The average sale price YTD is up slightly by 6.2 per cent, to $360,848. Townhouses are in a seller’s market, with .73 months of inventory.
Apartment sales are 80 YTD, compared to 100 in 2022. The Airdrie apartment market has been difficult for years and is once again currently in a seller’s market at .71 months inventory. DOM is 25 days. The average price of apartments in Airdrie is up 12.8 per cent to $221,208 YTD.
The semi-detached (duplex) market is also a seller’s market, with 1.37 months of inventory, as compared to 2022 at .67 months inventory YTD. The average price of a duplex has increased 3.86 per cent to $457,530. Days on Market are up to 34, compared to last year’s 14 YTD.
“While total residential prices have not reached new record highs, detached home prices have reached a new record with a benchmark price of $587,200,” said Ann-Marie Lurie from CREB. “Calgary’s housing market continues to exceed expectations in sales, and the higher interest rates environment and recent rental rate gains have driven more consumers to seek apartment condo units.”
This quote, of course, holds true in the Airdrie apartment market.
Gary Lock is a local REALTOR® with CIR Realty and has lived in Airdrie for the past 39 years.