The leaves are changing colour, the days are getting shorter and we’re heading into the cooler months. We are reminded of and so grateful for what a great place Airdrie is to live, work and raise our family. We love what a safe and friendly place this is to call home.
With real estate and home values on your mind in this economic slowdown, it’s a good time to have a look at the numbers and see how things have been doing in the first three-quarters of the year.
Up to the end of September, there were 1,178 sales, which is approximately 14 per cent fewer than the same period in 2014. Inventory remains quite high with just over three months supply at the end of September. Despite the decrease in sales and the substantial increase in listings, the average sale price has remained fairly stable with an average sale price of $380,000 at the end of August, up 4.4 per cent from the same time last year, but overall so far in 2015 up 0.6 per cent from the average of 2014.
Even though these numbers aren’t like the large average price increases that Alberta is used to, and the historically slower winter months are approaching, houses are still selling quite well. Airdrie is still one of the fastest-growing communities and is holding up very well with the economic slowdown. We’re also seeing many home buyers make the move to Airdrie for its proximity to Calgary, smaller-town feel and better housing affordability.
Historically, real estate has been an excellent investment offering consistent returns with low risk. Regardless of the ups and downs in the market, people still need a place to live, more people continue to move to Alberta and our economy always bounces back.
Looking ahead, it’s typical for the numbers – sales, number of listings and average sale prices – to decrease moderately with the slower cooler months. This will require home sellers to be competitive with their asking prices and make their home stand out from competing properties. Enhancing curb appeal by completing those fall maintenance items and taking care of needed touch-ups will help.
So if you’re thinking about making the move to a larger place or downsizing this winter, don’t be discouraged, as now is still a great time to sell your house and find that dream home. Take advantage of the low interest rates and make the move that’s right for you.
– Kris & Andrea Sales, Evolve Realty