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Airdrie Market Update August 2023



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!

 

Market Statistics Overview



We had 194 sales overall in July, that is down about 12% compared to June, which is a fairly common decline for this time of year as we move into the summer. We had 230 new listings and moved back above 200 active listings to start August with an inventory of 205 homes. All that activity gives us a month of supply of 1.06 months, now if you remember from the last couple of months, we've been below that one month mark. This is still very much a sellers market, but not as crazy as we've been experiencing. As for our average days on market, it continues to linger around that low 20's and our prices are up 4.4% year over year.



Pricing



Starting with our apartment style condos, they continue to be on an absolute tear and are up another 2.2% in the last month, with a year over year price increase of 14.3%. For townhomes, no signs of the market slowing down for them either, going up 2% from June with a year over year increase of 12.5%. These 2 styles are both still in extreme sellers market territory, with just 0.6 months of inventory. For semi-detached homes, we saw a half a percent increase, with their months of supply being quite high at 2 months. Detached homes saw a price increase of 0.7% and this is the first time we've seen that benchmark price over $600,000.


When we see the less expensive styles outperform the others, this is due to affordability and there usually will be a breaking point in which this shifts. Once condos and townhomes appreciate to a certain point, the detached and semi-detached will then have better investment value.


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!



Now looking at the different price range segments in our market. In the $0-300,000 range, the market is very fast paced and positioned in an extreme sellers market. Moving onto the $300,000-$500,000 range, it's a similar story to the lower price range. For $500,000-$700,000, we see that months of supply go up slightly, not quite as crazy as below $500,000. The story changes when we get to the above $700,000 price range, with over 3 months of supply, the higher you go the further you seem to get from that sellers market.


 

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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