“Persistently high inventory levels within Calgary’s residential resale housing market, combined with weak sales activity, contributed to buyers’ conditions in November.” – Calgary Real Estate Board
CREB®’s above quote also described Airdrie’s real estate market last month to a tee.
Inventory has been above the 300 mark for 10 straight months and was up +77.4% year-over-year in November. It’s the highest level for the month since 2011, but still below the 2008 peak.
A total of 89 properties sold, a -24% annual drop.
With the significant rise in inventory accompanied by a precipitous drop in sales, it’s not unexpected to see prices negatively affected.
Overall benchmark and average prices were down -2% y/y, while the median was down -8%.
Focusing on just the benchmark price, the apartment segment was hardest hit, falling -8%. Row homes were off -4%, while detached and attached homes fell the least at -1%.
October marked the first y/y decrease for the Airdrie benchmark price since July 2012. November was the second straight month of annual declines with more anticipated to come.
Download the CREB® stat package for Airdrie: click here