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Airdrie Market Update January 2024




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Market Statistics Overview



Now that we’re into January, we’ve made it through what is typically the slowest time of year for Airdrie real estate, and from here things will ramp up for the next few months until the summer. The question now, is how fast are things going to ramp up here in 2024?


We had 112 sales in December, which is lower than November, but that’s to be expected in December, with the holidays and getting into winter time, there’s just less people thinking about buying or selling in December. Now the surprising thing here, is that is didn’t drop off more than it did. This is actually only the 2nd time ever that we’ve seen triple digit sales in December. The only other time, was in December 2021, right before our market went on its crazy 30% run up in 2022.


Moving over to the new listing, we see that we had 79 new listings in the month. Which is a good amount for December, but since our sales were much higher than that, it brought down

our overall months of supply in Airdrie down to just 1.16 months. Which overall, means very tight sellers market conditions.


Of course the trend is still the same that over the $700,000 mark is still closer to a buyers market, but the overall numbers put us very much in a sellers market still here in Airdrie.

With just 130 listings to start the new year with, and with just 75 of them being below that $700,000 mark, it’s not a whole lot of inventory to work with moving into 2024.



Pricing




This is a first for 2023, our detached home prices here went down 0.7% since last month, now at a benchmark price of $610,700. Like we’ve discussed over the past few months, the over $700k range has been in a buyers market, which means their prices have been coming down a bit. So even though the under $500k range is still increasing, the overal detached price has come down a bit. To add to that, we did see the average sale price as compared to the list price move UP by 0.4% in the last month, which seems like a bit of a contradicting stat, but again it's due to the big difference in market conditions in the different price ranges.


Now moving onto the semi-detached homes or duplexes. Here our prices also came down by 0.5% in the last month, down to $478,500. Now this one is a bit more interesting because there’s less of a price gap in this style. Ranging more in the $300k-$600k range. So interesting that we saw prices move down here as well!


Looking at our townhomes. Their prices are up a full percent in the last month, giving them a benchmark price of $359,900 and the average sale price here is back above 100% of the list price at an average sale being 100.1% of the list price.


For our apartment style condos. Prices for these homes are also up, by 0.9% in the last month, now at a benchmark price of $269,600. So, as we’ve seen all year in 2023, the townhomes and condos have been the stronger performing style, and that continued right until the end of the year.


Moving into January now, I wouldn’t be surprised if we see those detached and semi-detached prices move down slightly some more, before coming back in the spring. Even if activity picks up here in the new year, the benchmark price can sometimes be a bit slow to react to immediate market changes.


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!


 

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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