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Airdrie House & Home: Decreased inventory and rising prices continue

Chief economist Ann-Marie Lurie with CREB says, “There has been less than one month of supply in this market since last November. These tight conditions have led to significant gains in prices in the Airdrie housing market with the highest gains in the detached and semi-detached homes."

Chief economist Ann-Marie Lurie with CREB says, “There has been less than one month of supply in this market since last November. These tight conditions have led to significant gains in prices in the Airdrie housing market with the highest gains in the detached and semi-detached homes.”

A seller’s market continues in ALL sectors of the Airdrie market with .66 months inventory for year-to-date (YTD), as compared to Calgary at 1.13, Cochrane .60, Crossfield at .87, Chestermere at .99, Carstairs at 1.76, Okotoks at .82, and Strathmore at 1.30 months of inventory. (Sellers is 2 months inventory, Balanced 2-4 and Buyers 4 and over).

Airdrie’s average sales price for ALL residential YTD is $497,583, up 23.8% from last year’s average of $402,377. Total sales 796, up 58% from 2021 at 504. Days on Market (DOM) for all products are sitting at 16 days YTD, compared to 2021 of 44 DOM.

Detached home sales YTD were 505, up 47% from 2021’s sales of 343 homes. Average price for detached homes YTD is $593,875, up 27.0% from last year’s. Currently a seller’s market at .60 months inventory. Houses are on the market less, sitting at 12 days on market (DOM).

Townhouse (Row) sales YTD are 181, up significantly from last year’s sales of 101 YTD. DOM has decreased to 16 days YTD as compared to last years of 48. Average sale price YTD is up 30.7% to $339,194. Townhouses are in a seller’s market, with .65 months of inventory.

Apartment sales are 52 YTD, compared to 30 in 2021. The Airdrie apartment market has been difficult for years and is currently in a seller’s market at 1.55 months inventory. DOM is 61 days. Average price of apartments is up only 3% to $190,389 YTD.

The semi-detached (Duplex) market is a seller’s market with .45 months of inventory, as compared to 2021 at 1.20 months inventory YTD. Average price has increased 24.3% to $431,605. Days on Market are down to 10 DOM, compared to from last year’s 31 YTD.

With the historical rate increase (50 bases point) by the Bank of Canada and the latest mortgage rate increase, we may see some changes in the market in Airdrie. Ann-Marie Lurie from CREB says “we should see a slowdown in demand but returning to a balanced market may take a while. The pace of growth in prices will start to slow as well.”

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