Airdrie Real Estate Market Update
Introduction: In this update our team compiled the real estate stats for the first half of 2024 and compared to those of the first half of 2023 to see the trends and where our market is headed.
The real estate market in Airdrie has experienced significant shifts in the first half of 2024 compared to the same period in 2023. By examining key statistics such as average prices, units sold, days on market, and the sold-to-list price ratio across different property types, we can find valuable insights into the market dynamics and trends. Here are the key observations and conclusions based on the 2023 and 2024 data.
Overall Market Trends:
- The total number of units sold increased from 954 in 2023 to 1,062 in 2024, indicating a robust demand in the Airdrie real estate market.
- The overall average price rose from $487,628 in 2023 to $544,787 in 2024, reflecting a modest price appreciation of 1.12%.
- The average cumulative days on market (ACDOM) decreased from 25 days in 2023 to 22 days in 2024, suggesting quicker sales and a more competitive market.
- The sold-to-list price ratio saw a slight decline from 100.15% in 2023 to 99.46% in 2024, still indicating a strong seller’s market.
Condo Apartment Sector:
- The number of apartment units sold increased from 104 in 2023 to 117 in 2024.
- The average price of apartments surged by 20.54%, from $226,503 in 2023 to $273,029 in 2024.
- The ACDOM for apartments decreased from 22 days to 17 days, showing a significant improvement in marketability.
- The sold-to-list price ratio slightly decreased to 99.24%, which is still strong but suggests a slight cooling off.
Detached Homes:
- Detached home sales saw a notable increase from 494 units in 2023 to 591 units in 2024.
- The average price of detached homes rose by 7.13%, from $611,793 to $655,433.
- The ACDOM for detached homes slightly decreased from 29 days to 27 days, indicating a stable market for this segment.
- The sold-to-list price ratio remained almost unchanged at around 100%, highlighting strong demand and limited negotiation on price.
Townhomes:
- The townhouse market showed an increase in units sold from 256 in 2023 to 277 in 2024.
- The average price jumped by 17.41%, from $364,043 to $427,432.
- The ACDOM remained relatively stable, decreasing marginally from 17 days to 16 days.
- The sold-to-list price ratio decreased slightly to 98.01%, suggesting buyers have a bit more leverage in this segment.
Semi-Detached Homes:
- Semi-detached home sales decreased from 100 units in 2023 to 77 units in 2024, indicating a drop in supply or demand for this property type.
- The average price of semi-detached homes saw a significant rise of 14.81%, from $462,200 to $530,654.
- The ACDOM for semi-detached homes improved markedly from 33 days to 19 days, showing quicker sales.
- The sold-to-list price ratio decreased slightly to 98.73%, reflecting a slight increase in buyer negotiation power.
Airdrie Neighbourhoods Real Estate Market Updates
Let’s take a look and see which neighbourhoods performed best, and also how they trended compared to 2023.
Community with Most Solds
Kings Heights stands out as the top performer in terms of the number of properties sold over the past period with 70 total sold listings. With a diverse range of home types including detached, row/townhouse, and semi-detached options, this neighbourhood has seen the highest volume of transactions. The community’s vibrant market reflects its appeal to a wide array of buyers, from first-time homebuyers to seasoned investors.
This time last year, Kings Heights also led in the number of sales with 78 total listings sold, but the market dynamics were different. Sales trends and buyer preferences have evolved, contributing to the current figures.
Community with Highest Average Sold Price
Coopers Crossing boasts the highest average sold price with an average $776,872 in the region, showcasing its premium market status.
Here’s a breakdown of the highest average sold prices across all communities by home type:
- Detached Homes: Coopers Crossing with $855,950 average sold price.
- Townhomes: Windsong with $462,728 average sold price.
- Condos: Kings Heights with $348,700 average sold price.
This time last year, Coopers Crossing had a lead as well, with an average sold price of $763,079. In the individual categories the winners were:
- Detached Homes: Coopers Crossing with $814,275 average sold price.
- Townhomes: Lanark with $477,425 average sold price.
- Condos: Bayview with $287,333 average sold price.
Community with Best Year over Year Gains in Sold Price
The Village has achieved the highest year-over-year gains in sold prices at 2.17%, however the area only saw 2 listings sold. Next at 16 sold listings is Airdrie Meadows at 1.59% price growth.
Here are the leaders by home type that has seen at least 10 sales:
- Detached Homes: Airdrie Meadows with 21.94% year over year price increase.
- Townhomes: Sagewood with 32.25% year over year price increase.
- Condos: Willowbrook with 36.13% year over year price increase.
This time last year, the leader with gains in sold price was Edgewater with a 1.20% increase.
Here are the leaders by home type that has seen at least 10 sales during the first 6 months of 2023:
- Detached Homes: Edgewater with 13.77% year over year price increase.
- Townhomes: Baysprings with 24.38% year over year price increase.
- Condos: East Lake Industrial with 9.27% year over year price increase.
Community with Fastest Selling Homes
Next we looked at the areas with at least 10 sales and average days on market stats. In Meadowbrook, homes are selling faster than anywhere else in the region. The average days on market for properties here are just 9 days, reflecting a highly competitive market and strong buyer interest. This quick turnover indicates a high demand and a well-positioned community for sellers.
This time last year, Prairie Springs was a leader with an average 10 days on market for sold listings.
Most Active Condo Market
Last, we took a look at the condo market in Airdrie as we’ve seen quite a few inquiries for investors looking to invest in Airdrie Real Estate. The condo market in Downtown is exceptionally active, with the highest volume of transactions in the region at 47 sold condos in the first 6 months of 2024. The average sold price for condos here is $282,226, with properties moving quickly due to their appealing locations and amenities which also makes it an attractive target for the first time home buyers. This market’s vibrancy highlights the growing demand for condo living in this community.
This time last year, Downtown also had a dynamic condo market at 53 condos sold in the first 6 months of 2023.
Conclusion
The Airdrie real estate market has exhibited strong growth and resilience in the first half of 2024 compared to 2023. The increase in the number of units sold across most property types, coupled with rising average prices and shorter days on market, indicates a healthy demand and a competitive market. Detached homes and apartments, in particular, have shown significant price appreciation and quick sales. However, the slight decrease in the sold-to-list price ratio across most segments suggests a minor shift towards a more balanced market.
For prospective buyers, it remains a challenging market with rising prices and quick sales, necessitating prompt and decisive action. Sellers can still enjoy favorable conditions, although they may need to be mindful of the slightly lower sold-to-list price ratios.
As we move forward, it will be crucial to monitor these trends and adjust strategies accordingly to navigate the evolving market landscape in Airdrie.
