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Airdrie Market Update March 2023

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!


Market Statistics Overview

We had 100 sales in February and compared to last year's 289 sales, we're down 65%. If you look at the chart showing the previous 10 February sales, you can see that we just came back down to where we usually hover. It does look pretty bad, but that's only because our last couple years were way above average.

For new listings we saw 166 during the month, which is also down from the 385 we had last February, but this is actually more in line with our 10 year average as well. Those sales and new listings, gave us an inventory of 178 active listings to start March with. The interesting thing is that our inventory number is quite a bit lower than our 10 year average.

You can see that compared with the last 13 years, we're right in line with last year and the only other time our inventory was this low was in 2014. Right now we have 1.78 months of supply in our market, which is up slightly from last month, but still within a seller's market.


What does average sales, average new listings, and low inventory mean for pricing? Well as you may have noticed, that our benchmark price change has dipped into the negative for the first time since June 2020. With how crazy things got last spring, this is exactly what we expected to happen. My guess is that we'll see our year over year percentage remain in the negatives till about August of this year.

Does this mean our prices are going down? Not exactly. It means they're below where they were last February, but since then they've gone up a bit, dropped down for a few months, and now moving into 2023 are starting to rise again. So, we experienced a month over month price increase in overall prices of 1.5%.

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!

Buyer Demand

For buyers especially in that $300,000 - $500,000 range, it is still very competitive and we're seeing 50% of our sales selling at or above their list price. Although sales are lower, buyer demand is still strong compared to the amount of new listings we have available.


Ultimately we're seeing more new listings than sales, and our inventory is slowly picking up. With almost 2 months of supply, I wouldn't come close as to saying we have an inventory crisis, I think we just need to get used to being in a seller's market. For realtors, it may feel like there is nothing for sale and it is going to be tighter for those buyers, but that's just the reality of where out market is headed in Airdrie.


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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