“Strong sales have caused inventory levels in Airdrie to drop to a mere 82 units, [the] lowest since 2005,” according to CREB chief economist Ann-Marie Lurie.
“Sales of 2,299 for last year were 78 per cent higher than recorded over past 10 years and 36 per cent higher than previous record in 2014.”
Airdrie’s continued affordability of detached homes makes it a natural place for this strong growth. The recent increase in oil prices and low interest rates have made it a favourable market, especially for sellers.
Unfortunately, this has also put Airdrie into low inventory (0.71 months for December 2021), which is not favourable for prospective buyers. A seller’s market is defined as having inventory less than two months.
Airdrie’s average 2021 resale price was $407,009, up 7.7 per cent compared to 2021's year-to-date (YTD) average of $378,010.
Single-family detached homes 2021 YTD are up 54 per cent at 1,497 sales, up from 2020 sales of 974. This puts the detached homes for 2021 in a seller’s market, with 1.12 months of inventory. The average price is $475,242, up 10.5 per cent from last year’s $430,092. Days-on-Market (DOM) totals decreased to 31 days, from 58 days in 2020.
Semi-detached (attached-style) home sales price YTD are up 51 per cent with 172 sales, compared to 114 in 2020. Attached homes are also in a seller’s market with 1.05 months of inventory. The average price of attached homes sits at $361,909 up 9.5 per cent from last year YTD.
Townhouse sales have had an increase of 100 per cent, with 489 sales YTD, compared to last year’s 244 sales. The increase in sales has moved townhouses towards a seller’s market with 1.47 months of supply. The average townhouse price YTD is $279,725, up 9.4 per cent.
Apartment condominium sales are up 88 per cent YTD for 2021 with 141 sales, compared to 2020 at 75 sales. This market is still struggling in Airdrie, leaving the apartment market on the high side of a balanced market with 3.83 months of inventory. Average YTD sale price is $179,035, which is up 4.2 per cent from last year.
New home builds for 2021-year-end in Airdrie increased significantly to 1,119, up from 2020’s 489 new builds, and compared to 770 new builds in 2019 and 701 in 2018. The last Airdrie census was in 2019, indicating a population of 70,564 people, with 2021 forecasted at approximately 73,000 people.
There were 13 homes sold for over $1 million last year on MLS in Airdrie. According to CREB, the detached, townhouse, and semi-detached sectors are responsible for most of the price growth in Airdrie.
Gary Lock is a local REALTOR® with CIR Realty and has lived in Airdrie for the past 37 years.