2022 Airdrie Real Estate Year in Review

It was definitely an interesting year here in Airdrie, we had a lot of up and down activity in the market as many of you know. So, let's break down some of those numbers quarter by quarter and take a look at our final overall statistics to see what really happened.

FULL YEAR STATS

You'll see we ended off 2022 with 2469 sales, which is actually an all time record for single year sales in the city.

The sales were from a total of 2909 new listings, which gave us an average of just over 1 month of supply.

We did also see our average benchmark price increase year over year, up 20.3% and our average days on market throughout the year was 22 days.

QUARTER 1

During Q1 we had 794 sales, which is

by far a new record for this part of the year. The next highest quarter we've ever experienced was in 2021 where we had only 503 sales, which is nearly a 60% jump over the previous high.

This is right around the time time where things started to go absolutely nuts in the market, with lots of homes selling $100,000 above list price, first day on the market, with unconditional offers. This craziness was fuelled by just 0.67 months.

Here in Alberta, we had never really went through anything like this before and I got to see the ups and downs of both ends. I had sellers of mine that were ecstatic that they had surpassed their financial and timeline expectations and buyers who were devastated that their over ask, unconditional offer had not been accepted.

QUARTER 2

The fast pace really kept going into Q2, with 832 sales from April through June, which was another all time record for a single quarter.

The beginning of quarter 2 was very similar to quarter 1, but things did start to settle down a bit.

We ended the quarter with an average of about 1 month, which is still a seller's market, but at this time our average sale price was just 1.6% above the list price.

QUARTER 3

This was the first quarter of the year where we didn't break any sales records, we had exactly 500 sales from July through September. Although, that is the second most we've seen in quarter 3, next to 2021.

The months of supply had gone up to about 1.64 months, giving a much more balanced feeling in the market. We were no longer seeing every home sell within a couple days, and back to a days on market of nearly a month.

QUARTER 4

Here inside the last quarter of the year we saw 343 sales, which is back to a more normal healthy sales number.

This was the only quarter of the year that we had more sales than new listings, which created a slightly tighter market towards the end of 2022.

Our months of supply number also came back down, indicating that the market was tightening just a bit to finish off the year.

QUARTERLY PRICE FLUCTUATIONS

On the graph above, we laid out each style of home within each quarter and what the percentage of price difference was compared to the previous quarter. So, we're not talking year over year price changes, but just compared to that last quarter.

In Q1, detached and semi detached were both up nearly 15% and townhouses and apartments were up as well, just not nearly quite as much.

Moving into Q2, they were all still up in prices, but now you can see it kind of flipped. Those townhomes and apartments were up over 10% and the detached and semi detached growth started to slow down. The reason for this is that the detached and semi detached go so much more less affordable, so people began to switch to townhomes and apartments as a more affordable option to buy.

That brings us to Q3, where things started to slow down even further. Our detached and semi detached were down in price about 3% each and those townhomes and apartments were up, but not as much as quarter 3.

Now in Q4, you can see that 3/4 styles were down and townhomes were up 0.07%, so basically stayed even. The rest were all down just a few percent in the last quarter.

Check out my YouTube video below where I go over everything in this blog post and subscribe to my channel if you want to see more Airdrie related content!

- Brad Walker