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Market Statistics Overview
We had 154 sales in March, which is down 57.2% compared to last year, but is right in line with our 10 year average. We also saw 203 new listings within the month, which again is down 57% from 2022 and in line with our 10 year average as well. At the beginning of April, we started the month with 206 active listings here in Airdrie, which is down 22% from last year. So inventory is down too, but not as much as sales or new listings and interestingly enough, about 45% lower than our 10 year average.
Having a below average amount of homes for an average amount of buyers, tightens things up in our market. That's why we see our months of supply getting lower, down to just 1.34 months, which is actually the lowest we've seen all year and since June 2022.
Prices are on the rise again, but more gradually than last year and sellers are a bit more in control. It does feel as though we are teetering on the edge of an extreme sellers market, and it wouldn't take a whole lot to swing it in that direction. But on the flip side, it would just take a couple months of good new listings to put us back closer to a balanced market.
Pricing
Detached homes are up 2.5% in just the last month, which gives them a benchmark price of $579,700. The high we saw in 2022 was $587,000 in April, so we're currently still below that. For those semi-detached homes, they're up even more at 2.8% of an increase, with a benchmark price of $445,600. However, the high we had in 2022 was also in April at $455,000, making it below the previous year's high as well. The townhouses experienced a 2% increase in the benchmark price last month, up to $318,400. Our high last year was in August at $315,900, so as of this month we've surpassed that. Now onto our condos, they were also up 2% up to $223,700, which also exceeds 2022's high point of $219,400.
There you have it, townhomes and condos continue to preform very well, as the more affordable housing option, but they didn't see as big of a month over month increase as detached and semi-detached product. If we saw similar increases here in April, both the detached and semi-detached styles would surpass their 2022 high's.
If you want to find out how much your home is worth in today's market, click the button below to go fill out my home evaluation request form!
Buyer & Seller Advice
Now more than ever, it seems that every person's situation is different in terms of if it's a good market to buy or sell in. It's really just a conclusion that we can only come to, by looking at your specific needs and creating a plan from there.
For the most part, you sellers are back in the drivers seat. That being said, pricing is very important, as we are seeing some ambitious sellers sitting on the market for a long time. The homes that are priced right are selling extremely fast. So, if you prepared your home and price is appropriately, you'll get a nice and quick sale.
As for buyers, keep in mind that any listings that come up priced right are going to go super fast. Our market isn't crazy enough to where there are multiple offers on everything or offer presentation times. Although the downside to that, is that a listing can go conditionally sold in just a matter of hours. So with the good ones, you have to make sure you're on top of booking those showings if you're serious about buying.
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
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