Last month in December we had kind of a tale of two extremes in the market, one segments in an extreme seller's market and the other segments in an extreme buyer's market.
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Market Statistics Overview
We had 87 sales and 57 new listing in December, which left us with an inventory of 119 listings to start the new year and a month of supply of 1.37 months in Airdrie. Beginning with that new listings number, 57 is the lowest amount we've seen in a single month in 9 years, December 2013 was the last time we had a count under 57 new listings. That low new listings number translated into the highest single month sale to new listing ratio we have ever seen in Airdrie. That was pretty incredible to see, as that sales to new listings ratio is a good way to gauge how the market is performing right now. So, it definitely was a record breaking month and gave us a very interesting start to 2023. Although we are experiencing some great movement within the market, that doesn't mean we're going to see things go as crazy as they did back in January 2022.
Pricing
Our overall benchmark price in Airdrie barely moved from December, down just 0.2%, but it did vary slightly between each style of home. Detached homes are currently sitting at a benchmark price of $550,200, which is down just 0.1% compared to November. Semi-detached homes have a benchmark price of $422,700, which is down about 0.3%. The townhome prices stayed basically completely even at $313,000 and apartments were the biggest loser last month, down about a half percent at a benchmark price of $214,400.
So, overall not a whole lot of price difference from November to December, but we did notice some difference in activities within the different price ranges. When you break down months of supply into specific price ranges, you can see the different markets going on.
If you look at the $0 - $300,000 price range, we've got exactly 1 month of supply, so that is quicker than the Airdrie average. Going to the next price range of $300,000 - $600,000, we only have 0.88 months of supply in the market right now. This means we're in extreme seller's market territory, when we have less than a month of supply and tons of demand for that price range. But if we jump up to anything above $600,000, that jumps up to 4.33 month of supply, which is a massive change and puts them in a technical buyer's market. If we go a little further and say anything above $750,000, now you're looking at 13 months of supply, which is an insane number.
Whether you're selling or buying, it's important to know what your specific market is doing, so you know how you should react. If you are a seller in that upper price range, you need to understand how competitive it is right now and be best prepared so you can get a sale. The best opportunity that I'm seeing within the city, is if you're upgrading your home from a starter home where you're selling in a seller's market to buying a bigger family home in a buyer's market. Typically, you won't be winning on both sides, but those who are in that situation are currently in a great position.
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- Brad Walker
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