Airdrie home buyers were out in force during October and sales surged to the highest level ever for the month.
A total of 113 properties sold, a 17.71% jump from last October. The sales-to-new-listings ratio was at 100% as an equal amount of homes (113) were listed. Inventory was at the lowest October level since 2005.
Increased demand combined with limited supply has pushed housing prices up. Year-to-date, the average price of a single family home has risen 4.16% from the same period last year, while the median price is up 6.78%.
I’ve discovered a few prospective buyers have switched focus from searching in NW Calgary communities such as Panorama & Coventry to Airdrie instead. In exchange for a 15 min longer commute they are finding similar properties for tens of thousands of dollars less.
For example, one buyer had 68 homes in Airdrie matching their search criteria with prices ranging from $404,900 and up. Using the same criteria, there were only 38 homes for sale in their desired NW community with prices starting at $483,000 – a 19% premium.