Airdrie Real Estate Market Report: October 2014

“Containment efforts that erode affordability in #yyc = stronger growth in adjacent munis.”  – Richard Goatcher, Economic Analyst at CHBA-Alberta

Airdrie’s comparative affordability is a beacon drawing many prospective buyers away from Calgary.

Airdrie home sales in October were up 41.6% year-over-year and over double the 10-year historical average.  The 160 sales was a new October high.

Through ten months, home sales have totaled 1,514.   That’s already 14.6% more sales than the 2013 year-end total of 1,321 and 14.1% above the previous annual record set in 2007 of 1,327 sales.

Airdrie October Sales, Y/Y Comparison

Airdrie October Sales, Y/Y Comparison

Airdrie home sales - YTD October

Airdrie home sales – YTD October

Available inventory spiked 32% y/y but was still the third lowest October level since 2005 and the absorption rate pointed to a seller’s market with under 2 months supply.

Airdrie Months of Inventory

Airdrie: Months of Inventory

Airdrie Inventory - October 2014

Airdrie Inventory – October 2014

Between January through October, the median price for Airdrie overall was up +9.08% year-over-year while the average price rose +8.63%.    Looking only at the month of October, the median increased +7.85% y/y, the average price +5.45%.

However, even with the double-digit median price growth in the Condo-Apartment segment, prices still haven’t recovered to their 2007 peak.

The overall average and median price of an Airdrie home in October was $387,239 and $388,250 compared to Calgary’s average of $488,473 and median of $431,000.

Historical Aidrie Home Prices

Historical Airdrie Home Prices

Historical Condo-Apt Prices

Historical Condo-Apt Prices – still on the road to recovery

Airdrie real estate stats - October 2014

Airdrie real estate stats – October 2014

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