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Market Statistics Overview
We had 84 sales in January to start off 2023. This is our lowest monthly sales number since early 2020, which does make sense, since our market just continued to get busier until now. This just brings it back down to what we'd typically experience in a January.
In addition to that we saw 124 new listings within the month, which left us with 137 active listings. We went into the new year with 119 active listings, so that's a reasonable inventory increase to see heading into February.
All of those numbers translated into a 1.63 months of supply right now, which still puts us in seller's market territory (under 2 months).
The interesting thing with our market lately, is how drastically different the markets have been in different price ranges. Although it's showing a subtle seller's market overall, we've got segments on both ends of the spectrum.
In the under $250,000 range we had 16 sales and currently have 16 active listings, giving us exactly 1 month of supply. This is considered a strong seller's market, but if we look at the sale price compared to the list price of those active listings, we see that on average they sold for only 97.4% of the list price, which is the lowest of any of the price ranges.
Moving onto the $250,000 - $400,000 range, we had 22 sales in January and 20 active listings right now, giving us just under 1 month of supply. This puts us in extreme seller's territory, but even here we didn't see crazy amounts of over list sales, and on average, homes sold for 98.9% of the list price.
Now looking at the $400,000 - $500,000 price range, we had 22 sales last month and we currently have 25 active listings, so still in a seller's market, but not as much as the lower ranges. Interestingly enough, more homes in this price range sold for above list price, and we ended up with an average sale price of 99.9% of the list price, which is just under of at asking.
Above $500,000 is where the market really starts to slow down. In the $500,000 - $700,000 price range, we had 18 sales and have 56 active listings currently, which gives us 3.11 month's of supply, which is a more balanced market. The homes that sold in this range in January, sold for an average of 98.1% of the list price.
Things slowed down a little bit more in the $700,000 - $1M range, but they are looking better than the past few months. 26 active current listings and 6 sales, gives us 4.33 months of supply in the market right now, which is a slight buyer's market. Even though it's a slower portion of the market, it saw a higher average sale to list price percentage than most of the other ranges, with 99.2% of the list price.
We don't have any stats for the over $1M price range, because we haven't seen a sale in over 5 months. We do however have 6 active listings, so it's definitely a buyer's market in Airdrie for anything over that $1M mark.
Pricing
For detached homes we currently have a benchmark price of $556,000, which is an increase of 1.05% over last month. For those semi-detached homes or duplexes, we're sitting at an average benchmark price of $426,200, which is a 0.8% increase over last month. Now for those townhomes, we have a benchmark price of $310,200, which is actually down 0.9% compared to January. Finally, for those apartments, we have a benchmark price of $215,200, which is an increase over last month of 0.3%.
So, as you can see detached and semi-detached are back in leading the price increases in 2023, both going up about a percent. Condo's didn't really see that much of a change, and townhomes were definitely our biggest loser, decreasing almost a full percent.
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Seller Advice
For those of you thinking about selling, you can't look at the overall market and expect it to act in the same way. It's time to come up with a plan to suit your specific market, this means having a conversation with your realtor and and if it makes sense to sell right now. Because some price ranges are in a buyer's market and other's a seller's market, and this is going to dictate your sale or whether you sell at all.
Buyer Advice
For you buyers out there, if you're a first time home buyer, absolutely move forward with a purchase. You're better off being in the market, than outside looking in. For all the other buyers, I know a lot of people are waiting for interest rates to drop, but I don't think it's going to happen around here. As interest rates go up, they push more people to move here from out of province and we're still much more affordable than other places in Canada.
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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