MARKET STATISTICS OVERVIEW
We had 202 sales in April, this is basically exactly the same as March where we had 203 sales for the month. Usually we would see sales pick up from March to April, not stay the same, so this definitely could be spun as the market slowing down. Seeing that Calgary had just a slight increase in sales month to month, I can definitely see some news headlines in the future saying something like “Alberta Real Estate Market Slowing Down Into the Spring”, or something like that, but as you’ll see from the numbers, this just isn’t the case.
As for new listings we saw 219 of them within the month, AGAIN nearly identical to the 218 we had in March. To start April we had 163 listings for sale in Airdrie, and to start May that has come down just a touch to 159 listings for sale here in the city. With all those numbers being so close, we know our months of supply is also going to be nearly the same, currently we’re sitting at just 0.79 months of supply, which is down from 0.8 last month.
Our days on market here in the city has gone below 20 days for the first time since May 2022, sitting right now at an average of 19 days on market and our benchmark price is currently sitting up 10.4% year over year for all styles of homes on average. Just month to month, from March to April, our benchmark price here in Airdrie is up 1.65%, which is a huge jump for just one month of change.
STYLES
SEMI-DETACHED
We had 15 sales and 14 new listings, which left us with an active inventory of just 10 homes to start May. That ultimately gives the duplex market just 0.67 months of supply, which is almost always going to mean price increases, and thats exactly what we saw. Prices for semi-detached are up 2.1% in just the last month, now at a benchmark price of $509,100. This is the first time we’ve ever seen this segment of the market have a benchmark price over $500,000.
TOWNHOMES
We had 52 sales in April, and 51 new listings come up, which left us with an active inventory or just 27 homes, and just 0.52 months of supply here. So prices here are also going up, up 3% in just the last month, to a benchmark price for townhomes now at $376,700, and they’re also selling at an average of 2.9% above the list price right now.
CONDOS
This segments of the market continues to be pretty ridiculous. 32 sales in April and just 24 new listings left us with just 9 active listings to start May with, and of those 9, 5 were conditionally sold to start the month. That leaves us with just 0.28 months of supply in the condo market right now here in Airdrie. 1 week of supply is absolutely crazy, and as for price, condos obviously saw an increase as well, up 0.7% for the month. Now this is the lowest percentage gain of all 4 segments, but keep in mind condos have gone on a crazy run the last 12 months, so naturally increases will have to slow up a little bit. They are currently up year over year 25.2%.
DETACHED HOMES
Here we had 103 sales in April, and 130 new listings, which makes detached properties the slowest segment of the market in terms of our sales to new listings ratio. That left us with 110 active listings to start may with, and a months of supply of 1.1 months. Still very deep in a sellers market, but not quite in that under 1 month, extreme sellers market like the other segments. Now as for prices for the detached market, overall they went up 2.1% in the last market, up to a benchmark price of $649,900. For reference, if you had a $500,000 home in April, in theory it would be worth $510,000 now.
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PRICE RANGES
$0 - $300,000
In this range we had 28 sales in April, and we currently have just 12 active listings, which leaves us with just 0.42 months of supply in our lowest price range! Of course these numbers were driven mostly by the high condo sales in April.
$300,000 - $500,000
Here we had 54 sales in April, and currently have just 33 active listings, that gives us a months of supply of 0.61 months. In this range we’d have a mix of apartments, duplexes, townhouse, and detached homes. I should note as well, of those 33 active listings, 18 of them are currently conditionally sold right now.
$500,000 - $700,000
This price point in the market has really picked up here this year, and we saw 95 sales in April, and currently have 59 active listings. That gives us a months of supply of 0.62 months.
$700,000 - $900,000
Here we had 25 sales in April, which is higher than we’ve been seeing this year, and much higher than last fall/winter. We have 41 active listings in this range, which means we have more than 1 month of supply, so it’s not in an extreme sellers market, but at 1.64 months of supply its stilll very much in a sellers market, and getting stronger as we get further into 2024.
Over $900,000
We had 3 sales in April, and currently we have 22 active listings. So at 7.3 months of supply, this is where our market really drops off a cliff. If you’re in a position where you’re upgrading your current home, to a home thats in this $900,000, million range, or higher, you can do really well on your lower priced sale, and potentially be able to negotiate a good deal on your purchase! But on the flip side, if you’re selling in this $900,0000 plus range, just know the market you’re dealing in, and make sure to price your home accordingly to attract buyers over your competition.
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- Brad Walker
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