MARKET STATISTICS OVERVIEW
For the month of July we had 186 sales in the city. This is down from last months 209, but sales going down from June to July is expected! So, nothing really shocking there. You can see on this chart that we’re still above the 10 year average for July sales, which is that blue line there, and fairly in line with the last couple years as well.
Moving onto new listings next, we had 287 new listings come on the market within the month. Now what’s interesting here, is this is our highest monthly new listings number all year. Which is interesting, because typically our highest amount of new listings will come between March and May every year. There’s different reasons that this could be happening, but it’s hard to say for certain. It could be that interest rates have dropped so sellers feel more confident that more buyers will be out shopping. Or since interest rates have dropped those sellers could be ready to search for their next home. Or it could be that more and more homeowners will be soon facing mortgage renewals that will give them interest rates that are 2-3x their current rate, and they want to cash out. Ultimately it’s impossible to say, but high new listings in July is definitely something to keep an eye on to see if it continues into August here.
Alright now lets move onto inventory. At the end of July we had 298 active listings in Airdrie, which is a pretty big jump compared to the 233 we had to start July with. This is also the closest we’ve been to 300 listings in the city since Spring of 2021. And as I mentioned, we’re shooting this video on August 9th, so as of today we have bumped over 300, to an inventory of 301 listings. Alright so now that we have our sales, and inventory, we can figure out our months of supply. Currently in Airdrie we have a months of supply of 1.6 months. This also is a big jump from last months 1.11, but it still keeps us within a sellers market which is under 2 months of supply. I am fairly confident that we will see that number bump over the 2 mark in the fall, but we’re just going to have to wait and find out!
The big one that lots of you want to know, whats going on with our prices right now! We’ll last month was the first month in 2024 that we have seen a reduction in our overall benchmark price for the city. Though it was very small, but we are seeing our benchmark price down 0.1% since June.
Now the markets and pricing stats change a lot depending on what segment of the market you’re looking in, so lets see how each style of home in Airdrie is performing in the summer months.
Starting first with our detached homes. We had 92 sales in July, and we currently have 196 active listings. Which gives us a months of supply of 2.13 months. So here in the detached segment of the market we are technically into more balanced market territory. But of course it matters what price range we’re looking in. So lets do that.
If we look at detached homes under $500,000, we had 7 sales in July, and we currently have 7 active listings. Which gives us exactly 1 months of supply and a very strong sellers market.
Between $500,000 and $700,000 we had 60 sales in July, and we currently have 88 active listings. So in this range we have 1.46 months of supply. More than under $500,000, but also very much in a sellers market still. Last lets look at $700,000-$1,000,000. Here we had 23 sales in July, but we currently have 81 active listings. Which gives us 3.52 months of supply here, and puts this price range to the top end of a balanced market, starting to make its way into buyers market territory.
Now as for prices in our detached market, overall our benchmark price stayed basically even with last month, down just 0.02% since June. But even though its very tiny, that is our first move down in prices here in 2024. Now keep in mind thats for all detached homes. For those lower price ranges that are in a sellers market, their prices would be still going up a bit, but the higher price ranges would be coming down a bit and bringing that overall stat down.
Alright and moving onto duplexes here in Airdrie. Here we had 14 sales in July, and we currently have just 18 active listings, which gives our semi-detached market only 1.29 months of supply, and very much still in a sellers market. Here we saw prices move up slightly for the month. Up 0.3% since June.
And now looking at the townhouse segment of our market. With more and more of these being built, this style of home is becoming a larger part of our market here in Airdrie. Here we saw 56 sales in July, and we currently have 62 active lsitings. And that gives us just 1.11 months of supply in the townhouse market, so also very much in a sellers market. Here we also saw the benchmark price increase 0.3% in the last month.
And lastly lest take a look at our condos here in Airdrie, which have been the hottest market in the city for nearly the past 2 years. We saw 24 sales in July, and we currently have just 22 active condo listings in the city. This gives us a months of supply of UNDER 1 month at just 0.92 months.
So we’re still in extreme sellers market territory in our condo market, and we can see that in the price movement. The condo benchmark price is up 1.5% in just the last month. So it seems that right now, more so than the last couple years, buyers are really favoring the lower price points when we compare the stats to the higher price points.
So I have a couple more stats I wanted to go through because I think they’ll be interesting ones to keep an eye on through the rest of 2024 and the next couple years. I’ll pull up a couple inventory charts here that we can look at. The first one on the left shows Total July inventory for Airdrie over the past 13 years.
You can see on this chart the big increase we had in overall inventory from 2013-2018, before it started coming back down and getting into a sellers market in 2021. Now that we’ve seen our first big increase year over year on this chart, I’m curious to see if our inventory levels out in this range over the next few years, or if we’ll being to trend back up. And then the chart on the left, which is similar, but all those vertical blue lines show the inventory levels for each month of every year. So every year you can see the inventory going up through the spring months, and down through the fall and winter. But whats interesting on this on is that green line which is the inventory trend line. It’s flattened out and very recently started curving up. So similar to the chart on the left, it’ll be interesting to see if that stays fairly flat where it is, or if it starts to climb up.
Ultimately those are just interesting to see what trends are doing over the long term. As far as where we’re going to go from here of course no one knows for sure, but I can definitely give you my opinion. I think for the rest of 2024 we will see prices flatten out overall, even in those lower price ranges, and probably drop a bit more in the higher ranges. But moving into 2025, if we have some more rate drops happen, I think we’re gonna have another busy late winter & spring next year and we’ll see prices move up a few more percent in the new year.
That being said, there’s a lot of factors that play into the housing market, and no one knows for sure what will happen. Big factors for us here right now are how many people continue to move to Alberta, how much new inventory builders can pump out, and what our interest rates do heading into 2025.
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!
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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