“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.
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.
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.