Living in Airdrie has long been regarded as a less expensive alternative to buying real estate in Calgary. While that’s still true, prices in Airdrie have been rising rapidly of late.
The overall average price for a home jumped 15.02% year-over-year in March from $339,730 to $390,754. The median price increased 12.23% y/y from $345,500 to $387,750.
Sales climbed 50% y/y but that percentage is exaggerated since we’re comparing against a relatively weak March 2013. Even so, the 162 transactions were the second highest ever for a March month.
Meanwhile, inventory has fallen -29% from last year’s level and was at the lowest point for the month since 2006.
To get an idea of the seller’s market Airdrie is in, there is less than one month’s supply of inventory (0.9) compared to Calgary’s inventory absorption rate of 1.3. The new-listing-to-sales ratio is sitting at 81%, above Calgary’s 75%. (Anything over 60% is a seller’s market) If you thought finding a home in Calgary was tough…
Fortunately, 200 properties were newly listed representing a 32.45% increase from last March, helping ease the tight market conditions slightly.
For the second straight month a home in Coopers Crossing has sold for over $1 million. The custom built home by Finot Development is only the 4th Airdrie property to sell for $1M+ on MLS® and it marks the first time more than 1 luxury home has sold during the same calendar year.