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Airdrie Market Update | April 2024



 

MARKET STATISTICS OVERVIEW



We had 203 sales in March, which is a big jump over the 135 we saw in February. Of course, going from February to March there typically is a big increase, so that's nothing new. The biggest thing to look at here, is just how much of a jump it really was. From our 135 sales in February, thats a 50% jump in sales month to month, compared to the 10 year average where we typically see a 29% increase from February to March



For new listings, we saw 218 new properties come to the market in March, now this is only a 19% increase over the 182 we had in February. So, here we can see a huge jump in sales, but a much smaller jump in new listings. This one is actually much closer to being in line with our 10 year average stat, which shows us that we typically see a 16% rise in new listings from February to March.


To start April, we have 162 active listings here in Airdrie. This is only up by 2 properties over the 160 listings we had to start March. This is the stat that really stuck out to me. That's only a 1% increase in inventory from Start of March to the start of April, at a time when we’re usually seeing inventory going up heading into the spring and summer seasons. Our 10 year average inventory jump from the start of March to the start of April is 12.8%, and this year we have just a 1% increase.


Right now in our market as a whole for Airdrie, including all styles of properties, we have 0.8 months of supply. So less than 1 month of supply, which puts us right in extreme sellers market territory. 


The last thing I want to look at for Airdrie overall is our benchmark price. We saw another benchmark price increase of 2% in the past month, giving us an overall benchmark price in Airdrie now of $540,400.



SEMI-DETACHED HOMES


We don’t have tons of activity in this segment, so that’s why I’m starting with it, and we can move to the more popular styles after. We had 11 sales in March, which is actually down 1 compared to the 12 we had in February, and we had 15 new listings within the month.

This gave us an active inventory of 13 semi-detached properties, which actually puts this category out of the extreme sellers market territory, and more in a regular sellers market with 1.18 months of supply. We saw the benchmark price for duplexes increase by 2.7% in the last month, now up to $498,700.



DETACHED HOMES


Here we saw 106 sales in March, which is up 29% over February’s 82 sales.  Now keep in mind our overall 10 year average for sales increases from February to march is 29%, so our detached product is right in line with that 10 year average increase. We had 115 new listings here in Airdrie in March, which gave us an active inventory of 101 listings to start April with. So unlike the semi-detached homes, this does put detached homes into that extreme sellers market range, with a months of supply of 0.95 months. With that, we saw the average sale price for detached homes tick just slightly over 100% of the list price, with the average sale being 100.3% of the list price for the month. As you’d expect, this means that our prices did go up in this segment too, up 2.5% in just the last month for detaches homes, now with a benchmark price of $636,500.





TOWNHOMES


We saw 60 sales in March, which is DOUBLE the sales that we saw in February where we had 30 sales, so we had a 100% increase in sales for march over February this year. We also saw 63 new listings, which left us with an inventory of just 32 active listings to start April with in the townhouse market here in Airdrie and leaves us with just 0.53 month of supply, basically just 2 weeks of supply for townhouses right now. So with these market conditions, of course prices are going to go up. Here we saw a month to month price increase of 1.2%, now up to a benchmark price of $366,000. 





CONDOS


Here we had 26 sales in March, which again is OVER a 100% increase from February sales where we saw 11. We had 25 new listings within the month, which left us with just 17 active condo listings to start April with and that gives the condo market just 0.62 months of supply right now, making it the second strongest segment of the market, next to the townhomes.

As for prices for condos, we saw a 2.1% increase in our benchmark price month to month, which now gives Airdrie condos a benchmark price of $284,900.



If you want to know how much homes are selling for in a specific neighbourhood, I provide a FREE monthly market report sent out by email. Click the button below to go fill out my market update request form!


PREDICTIONS


Now that the first quarter of 2024 is behind us, I wanted to reference back to my 2024 predictions video to see where we’re at here in 2024 and how things are going. The two best points we can reference from that video will be my price prediction, and my sales prediction.


So for prices, I had predicted an 8% increase in prices in 2024, with most of that price increase happening in the first 6-8 months of the year. As it stands right now, overall in 2024 we’ve seen a 3.5% price increase overall for Airdrie, which puts us about on pace to see 7-8% by around summertime this year. We can break that down into the segments too, so we can see the differences in the styles of homes for Q1: Detached homes are actually up 4.2% so far, semi-detached are also up 4.2%, townhomes are up 1.7%, and condos are up 5.6% so far this year. 

For sales I was predicting that we’d see 10% more sales in 2024 than we had in 2023. Overall in the first quarter of 2023 we had 337 sales. For Q1 in 2024, we’ve already had 442 sales. So that's actually an increase in sales so far this year of 31% over last year! For detached sales are up 55%, semi-detached sales are actually down 32%, townhomes sales are up 29% this year, and condo sales are up 11% this year so far. 

 

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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