According to statistics released by the Calgary Real Estate Board, the Airdrie Real Estate market had a slow month of August compared to recent months.
With 133 MLS® sales for the month, sales volumes were the lowest we have seen since February of this year. While there doesn’t seem to be one or two key indicators as to why sales dropped off so much, it would suggest that we are finally moving towards a more balanced market with prices also falling and the active listings rising.
In Calgary the average overall residential sale price dipped again to $478,000 in August down from $482,000 in July. Airdrie’s average sale price saw a huge dropped from $385 in July to $364 in August.
There are currently 278 active MLS® listings on the market in Airdrie, up from 261 in August. Last month it took on average 31 days for a home to sell in Airdrie down from 32 days in July. Calgary also saw an increase to 39 days compared to 32 in July.
Now that we are out of the summer we’ll see what direction the market goes in and if August was just part of a normal summer slump or if the slowdown is more of a trend or not. There is still tremendous opportunities in Airdrie with the average sale price being $114,000 cheaper here compared to Calgary. With Calgary struggling with affordability we should still see people moving this way.
The City of Airdrie has not yet posted housing starts for the month of August. We will post them next month.