October presented another record high for house sales in Airdrie.
According to Calgary Real Estate Board’s (CREB) chief economist Ann-Marie Lurie, Airdrie’s year-to-date (YTD) sales of 2,039 units was nearly 81 per cent higher than the average activity from the past five years. Even with new-home starts ramping up, the construction has done little to ease the supply shortages facing the Airdrie resale market.
Detached homes have shown the strongest gains, with benchmark prices nearly 16 per cent higher than last October (year-to-year).
YTD stats in Airdrie indicate an average residential sale price of $407,362, up 8.5 per cent from the YTD 2020 price of $375,912. Total sales YTD are currently up 41 per cent from 2020’s 1,199 sales, and 2019’s 1,065 sales.
Airdrie is currently sitting at 1.44 months average YTD inventory, which means the city is currently a seller’s market. Current YTD days-on-the-market (DOM) stats are 34 days, compared to last year’s YTD average of 61 days.
Detached single-family home sales are up 36.8 per cent to 1,336 YTD, as compared to 844 sales in 2019, and averaging 30 days on market YTD, compared to 2020’s YTD average of 59 days. Monthly inventory is 1.21 months as compared to last year’s 3.41 months, moving the detached home market from a balanced to seller’s market. The average sales price for detached homes YTD in Airdrie is $474,412, compared to 2020’s average of $425,617.
Apartment home sales are up 44 per cent from last year, when sales were up 13 per cent, with 118 YTD sales as compared to 66 sales YTD in 2020. The current DOM is 70, compared to 2020’s average of 65. The average inventory for this year is 4.16 months, creating a balanced market – something we haven’t seen since 2015. It’s a far cry down from 2020’s average of 7.61 months inventory. The average sold price YTD of $180,058 is up 6.3 per cent compared to the 2020 year-end average of $169,325.
Semi-detached homes moved into a balanced market with 1.12 months of inventory YTD. The average price is $360,011, up 9.5 per cent from last year’s average of $328,789. DOM has decreased to 26 days from last year’s 69.
Townhouse (row) sales of 435 YTD are up 55 per cent from last year’s YTD of 195 sales. DOM is currently sitting at 36 for townhouse sales, compared to 62 at this time last year. Inventory is at 1.56 months, moving from a buyer’s market to a seller’s market. The average sales price for townhouses YTD is $279,362 – up 10 per cent from 2020’s average of $251,425.
Gary Lock is a local Realtor® with CIR Realty and has lived in Airdrie for the past 36 years.