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Airdrie Market Update May 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 170 sales in the month of April which is up from the 154 that we saw in March, and we had a nearly identical amount of new listings hit the market in April as well. 173 new listings is down from 204 listings that we saw in March. Whenever we have the same amount of new listings as sales, inventory is guaranteed to go down because you have to factor in the homes that are pulled from the market or listings that have expired within the

month. We’re actually down to 181 active listings to start May with and that's down about 12.5% from the 207 listings that we had last month.


With our sales and inventory numbers being what they are, we're now down to just 1.06 months of a supply in our market, so this is sitting right on the edge of now an extreme sellers market, which would be below that 1 month mark. To give an idea of what can happen in an extreme sellers market, we spent 6 months last year under that one month of supply here in Airdrie and within that time frame, our market went up 17.5%. You’ll also see that our average days on market is still at 28 days, so unchanged from last month and our benchmark price is still showing a year-over-year decline. This is because we're comparing this to April 2022 when we saw our peak prices.



Pricing


Our overall benchmark price is down 1.7% from last year, but at $502,000 we're up another 0.9% in the last month now.


Detached homes which make up for over half of our market here in Airdrie are up about

0.65%, which is lower than the average, but still a price gain. It’s worth noting that we currently have a month’s supply of 1.47 months in this segment, so definitely less extreme. Moving onto those semi-detached homes or those duplexes, were up about 0.8% in the last month, so up a little bit more with a month of supply of 0.8 months. Our town homes are where things start to get a bit crazy, we're up 3.7% just in the last month which puts us up 12.9% year over year. The story with apartments is very similar to that and up 10.1% year over year.


If you remember the previous month, all four of our segments were up around 2%

For the month and this has changed now to where townhomes and apartments are up almost 4% and semi-detached and detached homes are increasing by less than a percent. My guess is that this is because as detached and semi-detached homes get

more expensive we see waves of buyers deciding to look at those townhomes and

condos instead to save money. This will keep happening until that price gap between the styles reaches a more balanced level.




The real question is where will the market go from here? I don't think we'll see the 5-6% decreases in price like we saw throughout last summer, but more likely prices will move up slowly in the summer months and for the rest of the year, probably settling somewhere around that half a percent a month.


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 & Seller Advice


For you buyers I'd say buy when you're ready, because I don't think prices will be going down in the near future and make sure you have that pre-approval done, so you

can be ready to go when the right home comes up. Whether it's a detached, semi-detached, townhome, or condo right now, you can be sure if it's priced right

it's going to be conditionally sold in just a day or two.


For you sellers, we had 10% of our listings come off the market last month without a successful sale, so even though we're in a strong sellers market we need to make sure that we price your home correctly. It’s also important to stage and market the property, in order to maximize that potential sale price, as it will make a difference at the end of the day.



 

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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