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Airdrie Market Update | July 2024



 


MARKET STATISTICS OVERVIEW




We had 209 sales within June, which is still a fairly high sales number, but I wanna look at a couple different charts here to give you a better picture about whats going on. 



Here on this chart we can see the previous 10 Junes sales, as well as that blue line showing the 10 year average. This shows us that we’re still well above the 10 year average, but our June sales have been coming down every year since 2021. Now of course we’ve been in a sellers market the entire time, and still are, but it’s definitely something to take note of. 


Moving onto new listings you can see that we had 269 new listings come up within the month of June. Which gave us an overall inventory of 233 active listings to start July with. That all translates into having 1.11 months of supply in the city, which is still well within a sellers market which is anything below 2 months of supply.


As for prices, as you might expect, our overall benchmark price moved up 0.89% in the last month, which is still a pretty big price increase for 1 month, and fairly on par with most of the other months this year so far. So, still very much in a sellers market, with low months of supply and prices still increasing, but we do have sales trending lower a little bit year over year.





In June we had 17 sales within this range. All of which were apartments, other than 1 modular home in Big Springs. Here in July we currently have 22 active listings, which gives us a months of supply of 1.29 months. Of those active listings, 8 of them, or 47% of them, are currently conditionally sold. So we’re definitely looking at a fast paced market in this range right now. We have an average days on market in this range of just 11 days, which is from listed to firm sold and the average sale price is 1.73% higher than the list price. We didn’t see any listings taken off the market without selling, and none of the listings had to reduce their price to get a sale. 




This is a mix of apartments, townhouses, and modular homes. In this range we had 21 sales in the month of June, and we currently have 26 listings for sale, of which 7 are currently conditionally sold. So instead of half the active listings being conditionally sold like the $0-$300,000 range, here we have about 27% conditionally sold. Now those inventory and sales numbers do give us a months of supply of 1.23 months, which is still a sellers market, and even slightly more so than the lower price range. Our average days on market in this range is currently at 16 days, with the average sale being 2.34% above the list price. We did see 2 out of the 21 sales have to do a price reductions before eventually getting a sale, and we had 1 listing in this range come off the market without getting a sale done in June.




Here you’re gonna find mostly townhouses, with the odd duplex or detached home. Here we had 33 sales in this range in June, and we currently have 32 active listings, which means this is our first price range to see a months of supply of less than 1 month, currently at 0.97 months of supply. Now of those 32 active listings, 12 of them, or 37% of them are currently conditionally sold. Which makes sense because homes are moving very fast in this range, with an average days on market of just 15 days. They’re still selling above list between 4-500 with an average sale price of 1.66% above the asking price. We saw just 2 listings have to do a price drop before they got a sale, and we actually saw 1 listing increase their price $10,000, before selling another $5,000 above that. We did see 4 listings come off the market in June without a sale. 



In this range is where we see the biggest variance of styles of homes. In here we have detached homes, duplexes, townhomes, and even 1 condo believe it or not. We had 58 sales in June, and we currently have just 46 active listings, which gives us a months of supply of just 0.79 months! Of those active listings, 12 of them are currently conditionally sold. And it’s still fast paced in this range, with an average days on market of 18 days and an average sale price of 2.97% above the list price! So we’re definitely seeing plenty of homes selling with multiple offers in this range. Now we did see 11 of those 58 sales, have to do a price reduction on the listing before getting a sale. So we are seeing more seller testing the market in this range, and we also has 3 homes come off the market without a sale in June.



Mostly talking about detached homes. Here we had 50 sales in the month of June, and we currently have 51 active listings. Which gives us nearly exactly 1 month of supply. Of those 51 active listings, 11 of them are currently conditionally sold. Now into this range we are seeing the pace of the market slow down a bit with an average days on market of 25 days, and we’re seeing the average sale price being just SLIGHTLY over the list price, with an average sale of 0.06% above the list price. We did see 12 of those 50 sales have to reduce their price to get a sale, and we saw 14 listings come off the market without getting a sale complete. This tells me that we’re really seeing sellers in this range pushing the market a bit too much to where they aren’t able to get a sale done. 



We’ll start to see lower numbers overall the higher we get, as there are just simply less homes in these higher price ranges. We had 22 sales in June, and we currently have 27 active listings. This gives us a months of supply of 1.22 months, so still in a sellers market here in this range. Of those 27 active listings, currently just 1 of them is conditionally sold. In contract to lower ranges where 25-50% of active listings were conditionally sold, this definitely shows us that there are fewer buyers currently in this price range. Our days on market also is longer in this range, with an average days on market of 38 days. But in contrast to that, our average sale price of those 27 sales was still just a hair above list price, at an average of 0.07% above the list price. 6 of those sales had to do a price reduction before getting their sale, and we also saw 7 listings in this price range come off the market without a sale in June. 



Now going a bit higher to our 800-900 price range. Here we had just 5 sales in June, and we currently have 27 active listings. This give us a months of supply of 5.4 months which actually brings us out of a sellers market, and not even a balanced market, but moving slightly into buyers market territory. Similar to the $700,000-$800,000 range, of our active listings, just 1 of them is currently conditionally sold. With just 5 sales we don't have a great pool of data to pull from, but our average days on market for these 5 sales was 35 days, with an average sale price of 1.54% below the list price. 2 of the 5 did do a price reduction before getting a sale, and we saw 1 home in this range come off the market without a sale in June.  Of the 27 active listings, 6 of them have done at least 1 price reduction, and they currently have an average days on market of 32 days. 



Here we had 7 sales within June, and we currently have 36 active listings! That gives us 5.14 months of supply, which means we’re also in a buyers market in this range as well. Of those active listings, currently none of them are conditionally sold. Of our 7 sales we have an average days on market of 36 days, and an average sale price thats 2.23% lower than the list price. Again, since we have so many more active listings in this price range we’re gonna pull some data from them as well. Of our 36 active listings, 7 of them have done a price reduction, and they currently have an average days on market of 66 days. 



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!


It’s pretty easy to see that around $800,000 is our current turning point in the market, but we’re definitely seeing things overall slowing down into the summer months. Over the next couple months I expect we’ll see the overall airdrie prices flatten out a bit for the remainder of 2024, and moving onto next year its impossible to say for sure what will happen, but I’m expecting we see prices start to move up again into 2025. 



 

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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