Airdrie House and Home: the market is starting to change, prices are starting to fall

Airdrie’s year-to-date (year-to-date) residential sales are 1,628, up from 1,304 units last year, and nearly exceeding sales totals for all of 2014 (1,695 units sold). The good news is that all product types are now in a seller’s market.

Airdrie’s year-to-date (year-to-date) residential sales are 1,628, up from 1,304 units last year, and nearly exceeding sales totals for all of 2014 (1,695 units sold). The good news is that all product types are now in a seller’s market. According to CREB, “Earlier in the year, the Airdrie property market recorded some of the strongest monthly price gains ever, as interest rates rise and consumers step back, there is no It’s no surprise that we are seeing price adjustments. Although prices have been on a downward trend in recent months, they remain more than 22% higher than the levels recorded last year.

Year-to-date CREB statistics show an AVERAGE residential home price in Airdrie of $482,042, compared to 2021 at $410,795, up 17.4% from last year . Monthly inventory year-to-date 2022 is 0.81 months (ask market – defined as less than 2 months of inventory), compared to 3.51 months for 2020 (balanced market – 2-4 months) and 5.04 months in 2019 (buyer’s market). Year-to-date days on market (DOM) stats sit at 17 days, down from 33 days last year.

Total sales of detached single-family homes are 982, up almost 10% from 893 in 2021, with an average of 15 days on the market since the start of the year, down from the 31 DOMs of 2021. The average year-to-date sale price for single-detached homes is $582,139, compared to an average of $471,764 in 2021. Single-detached homes are sitting at 0.83 months of inventory.

Townhouse (townhouse) sales increased 51% to 387 year-to-date from 256 (Jan-June) in 2021. Days on market year-to-date is currently 17 days and townhouse stats show 0.63 months of inventory, compared to 1.70 months of inventory in 2021. The average year-to-date selling price of townhouses is 339 $207, up 22.7%, compared to $276,962 at the end of 2021.

Apartment sales have increased by 99% to 133 sales since the beginning of the year, against 67 sales (Jan-June) in 2021. The current DOM is 44 against an average of 73 in 2021. The price of average year-to-date sale in apartments increased 7.6% from $182,816 in 2020 to $196,689 in 2022. The apartment market has finally shifted to a seller’s market with 1.44 months of inventory, compared to 2021 with 4.29 of inventory (buyer).

Semi-detached homes entered the seller’s market with 0.81 months of inventory year-to-date. The average price is $440,581, up 22.8% from last year’s average price of $358,638. Days on the market decreased to 14 DOM from 25 last year.

The city usually reports on the population of Airdrie, but due to COVID-19 no census was taken again this year – the last was taken in 2019 with 70,564 people in Airdrie.

Gary Lock is a Local® Realtor with CIR Realty and has lived in Airdrie for 38 years.