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Airdrie again in buyers’ market for 2019

MarketWatch_WEB

According to the 2020 forecast from CREB, “Improving demand & easing supply are helping push the Airdrie market closer to balanced conditions. However, the market continues to remain oversupplied, weighing on prices, which declined by three per cent in 2019. It will take some time before prices stabilize, but if these adjustments continue, we could start to see prices level off in 2020.”

Airdrie’s 2019 total MLS sales were 1,193 homes, up four per cent, with Year-to-Date (YTD). Airdrie is in a buyers’ market with 4.93 months of inventory. A buyers’ market is defined as more than four months of inventory. Airdrie’s average resale price was $372,494, essentially unchanged compared to 2018 YTD at $376,541.

Single-family detached homes average price was $424,511, unchanged from last year’s $427,126. Like the past three years before, new listings outpaced total sales, resulting in an increase of supply, leaving 4.89 months supply. Sales numbers were up five per cent, most likely a reflection of consumers moving toward more affordable products. 2019 sales were 807 compared to 771 in 2018.

Attached homes celebrated a four per cent increase in sales from 106 in 2018 to 110 in 2019. Attached-homes average price for 2019 was $327,191, down two per cent from last year. Over all a buyers’ market for attached with 4.94 months inventory.

Townhouse sales posted a four per cent increase in sales over the year (212 sales). Average price decreased three per cent to $258,840 in 2018 from $266,294 in 2018. Total inventory ranged from 47 to 106 units on the market, leaving Townhouses in a buyers’ market (4.89 YTD).

Apartment condominium sales took a drop, with only 64 sold last year, posting a three per cent decrease in sales numbers for 66 in 2018. The average sales price for apartment condos was $170,934, a decrease of 11 per cent, over 2018’s price of $192,408. The high inventory continues to keep the apartment market in a buyers’ market at 9.15 months YTD, compared to 2018 with 11 months.

New home builds in Airdrie last year had a turn around with 770 new builds, up 10 per cent, from 701 builds in 2018. Airdrie’s 2019 census numbers are up 3.63 per cent to 70,564 residents, compared to 2108’s population of 68,091. Airdrie population grew about 6.8 people per day, versus 8.7 the year before.

There were three homes sold over a million last year on MLS, one in Coopers Crossing and two acreages.

Gary Lock is a local REALTOR® with CIR Realty and has lived in Airdrie for the past 35 years.



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