Another month is over, so let's look at the Airdrie real estate market to see what's new. It's no surprise that the market is hot, but it's still heating up, and there are other developing trends that buyers and sellers should be aware of. We're going to dive into what this means for home buyers and sellers below, so keep reading to find out all you need to know about the current state of the real estate market in April 2022!
Your Insider Source for Airdrie Real Estate Market Statistics - Updated Going Into May 2022
April 2022's new listings in Airdrie numbered around 334, which is slightly lower than this time last year, a drop of 1.2%. However, it's an increase compared to the past few months.
It's not enough to keep up with demand, however. Airdrie homes for sale are being snapped up as quickly as they come on the market, and the inventory is ever-shrinking. There may have been 334 new listings in April, but Airdrie also saw 321 closed sales, which is a much greater number than last April—an increase in sales of 23.5%. Current inventory is sitting at just 247 homes on the market, which is a decrease of almost a third compared to the numbers last April.
Currently, the market has roughly 0.77 months of inventory available, which means that if homes stopped being listed today, it would take just a little over three weeks for all the homes currently on the market to sell. Four to six months of inventory is the general benchmark for a balanced real estate market, which just goes to show how far the Airdrie market is tipped in favour of sellers at this time. Take this into consideration when buying or selling your Airdrie home.
Investing in Airdrie real estate is an excellent choice because our homes remain in high demand. The benchmark price for Airdrie homes for sale hit $480,600 in April, an astonishing 29.3% increase year-over-year, and it's only rising higher. With a shrinking supply to meet the growing demand, it's no wonder that prices continue to climb. It's a good time to be a seller, and if you're buying, it might be a good idea to buy sooner rather than later.
There are also some interesting trends in what kinds of homes are being sold in Airdrie. Last year, the highest number of sales came from homes in the $300,000–$500,000 range, while this year's biggest sellers are homes in the $400,000–$600,000. Luxury homes are more attractive than ever, with the number of sales in the $600,000+ range roughly quadrupling compared to last year.
Airdrie Real Estate Forecast: What's Coming Next?
After going over the current data, it's not much of a stretch to think that the next few months will continue to be a hot market favouring sellers. However, factors like inflation and appreciation can help determine the best time to buy or sell property in Airdrie, so keep these in mind. Want to know what your Airdrie property is worth? Compare your home to others currently for sale with a free market analysis.
Stay Up-to-Date on the Airdrie Real Estate Market With Justin Havre & Associates of RE/MAX First
The real estate market is always changing, and it can be difficult to keep track of all the latest trends. Keep checking back or contact Justin Havre & Associates of RE/MAX First now to stay up-to-date with the latest real estate news.