Airdrie Real Estate Market Report: April 2014

A record number of homeowners listed their Airdrie property in April but the added inventory was easily contained by a record number of sales.  Tight market conditions in turn forced house prices even higher.

The 219 new listings were an April high and a 10.61% increase year-over-year.

Airdrie - New Listings in April 2014

Airdrie – New Listings in April 2014

Countering the new listings were 169 sales, also a peak for the month of April and a 32% hike from last year.   

AIRDRIE Total Sales - April 2014

AIRDRIE Total Sales – April 2014

By month’s end,  there were -26.25% fewer active listings on the market than a year ago and the lowest available inventory in April since 2006.  The month-end inventory of 191 meant the absorption rate was a strong 1.3 months.  Also underscoring Airdrie’s seller’s market was the sales-to-new-listings ratio of 77%.

AIRDRIE Active Listings - April 2014

AIRDRIE Active Listings – April 2014

Which brings us to prices, likely the main reason you’re reading this post 😉

Average and median prices were up across all three housing categories with single family and townhomes posting annual gains in the double-digits.

Single family average prices increased 16% y/y, from  $378,431 to $439,329.  The median was up 17.6%, from 363,500 to $427,500.   These prices are a new peak for single family homes.

AIRDRIE 10 YEAR SINGLE FAMILY PRICES

AIRDRIE 10 YEAR SINGLE FAMILY PRICES

Townhome average and median prices increased 13.2% and 12.6% respectively, with the average price climbing from $252,953 to $286,455 and the median price from $248,500  to $279,900.  Despite these strong gains, townhome prices remain below the peak levels recorded in 2007-2008 but are getting close.

AIRDRIE 10 YEAR TOWNHOUSE PRICES

AIRDRIE 10 YEAR TOWNHOUSE PRICES

More meager price gains were recorded in the Apartment category.  The average price posted an uptick of 1.67%, pushing prices just above the $200k threshold to $200,470.   The median price increased $3,000 to $198,000 representing annual growth of 1.54%.   Apartment prices still haven’t recovered and are a long ways off from reaching 2007-2008 price parity.

AIRDRIE 10 YEAR APARTMENT PRICES

AIRDRIE 10 YEAR APARTMENT PRICES

Note: the large price drops in the two graphs above (by Mar-13) are due to few or no sales which can obviously skew the stats.

Source: CREB

Another luxury sale in Airdrie

Another home sold above the $1M mark, again in Coopers Crossing.  The brand new 2,800 sq foot home with triple car tandem garage sold for  $1,020,142.   This marks the 5th ever Airdrie home to sell over $1M on MLS®  and the third just this year.  All five of the luxury sales have been in Coopers Crossing.

Luxstone was the most active community during April with 21 sales, followed by Kings Heights with 17 and Coopers Crossing with 13.  Rounding out the top 5 were Bayside & Williamstown, each with 11 transactions.

For the Airdrie statistics summary, please see the chart below.  As always, if you have any questions or are interested in buying or selling a home in Airdrie, feel free to contact me.

April real estate stats - April 2014

April 2014 real estate stats 

 

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