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Airdrie House & Home: Local housing market recovering after pandemic year

Chief economist Ann-Marie Lurie with the Calgary Real Estate Board (CREB) says, “Despite entering the third wave of COVID, there is more optimism of economic recovery when the economy re-opens.

Chief economist Ann-Marie Lurie with the Calgary Real Estate Board (CREB) says, “Despite entering the third wave of COVID, there is more optimism of economic recovery when the economy re-opens.”

The change from a buyers' market to the strong sellers' market could be a result of interest rates, mortgage policies, stronger oil prices and people who delayed buying last year who are back in the market. The benchmark price for April ($365,100) was slightly lower than the record high for Airdrie, but this was mostly due to the lower sale prices in apartment and row sectors. The detached and semi-detached sectors have seen prices full recover.

A sellers' market continues in the Airdrie market, with 1.55 months inventory for April year-to-date (yTD), compared to Calgary at 2.19 months, Cochrane at 1.50, Crossfield at 2.20, Chestermere at 2.87, Carstairs at 1.88, Okotoks at 1.45, and Strathmore at 2.82 months of inventory. (A sellers' market is considered two months of inventory, a balanced market is in the range of two to four and a buyers' at four and above.

Airdrie’s average sales price YTD is $407,754, which is up 9.6 per cent from last year’s average of $371,623. Total sales are 764, up from 2020 at 320. Days on Market (DOM) for all products are sitting at 36 days YTD, compared to a 2020 tally of of 69 DOM.

Detached home sales YTD are 527, up from 2020’s sales of 228 homes. The average price for detached homes YTD is $470,111, an increase of 12.6 per cent from last year’s YTD average of $417,362. Houses are on the market less, sitting at 33 DOM, down from last year’s average of 67.

Townhouse (row) sales YTD are 146 – up significantly from last year’s YTD sales of 35. DOM has increased to 40 days YTD as compared to last year's 74. The average sale price YTD for a townhouse is $266,204, compared to last year's average of $256,148. The townhouse is in a seller’s market, with 1.76 months of inventory, compared to last year's 9.04 months.

Apartment sales are 44 YTD, compared to 23 in 2019. The Airdrie apartment market is in between a buyers' and balanced market, with 4.33 months of inventory, compared to last year's rate of more than 8.37 months. The average price of apartments is $185,595 in Airdrie, compared to 2020's figure of $172,724, 2019's average of $168,284, 2018's numbers at $196,389, 2017's at $186,819, and 2016's YTD of $192,542.

The semi-detached (duplex) market is reporting 1.28 months of inventory, a drop from 2020's YTD rate of 3.03 months inventory. Duplexes' average price has increased to $353,429 compared to last year at $318,323, 2019 at $323,558, 2018 at $346,627, 2017 at $338,141, and 2016 at $343,113. DOM for duplexes are down to 24, compared to from last years 83.

Gary Lock is a local REALTOR® with CIR Realty and has lived in Airdrie for the last 36 years.