Like the weather this past summer, the real estate market has been a little bit exciting at times! In the first six months of 2014, we had 1,236 new listings on the market. In 2015, that number increased by 93 and we had reported 966 sales in Airdrie by the end of July. Also, there were 163 properties sold in July, which was down 10 per cent, and the number of available listings was down by six per cent.
What does this all mean? There is just more than a two-month overall supply of properties. We can hope this will continue as the kids head back to school and everyone starts their regular routines again. Buyers will continue to buy homes and sellers can sell in a more balanced market.
While we move into September, I feel that consumers are not as concerned as in the first quarter of 2015. This is shown purely in buyers’ confidence and the number of sales we’ve seen. Luckily interest rates should stay steady, with prices remaining relatively stable. With that, we hope to see some of the inventory be absorbed by first-time homebuyers looking to get into the market, which include young professionals moving out from Calgary to start raising their families.
What can we expect for the last quarter of this year? Well, time will tell in October, as the energy sector continues to keep Albertans on their toes.
People in the community ask where new homebuyers in Airdrie are coming from. My answer is – all across Canada. The most popular relocation places are the other Prairie provinces and the Greater Toronto Area.
Each time our economy goes on a slight downward turn, we have to keep in mind that when looking at 2014 numbers and prices, sales were up. When we look at the 10- or even five-year averages, our numbers are up this year. Our stable inventory level related to sales activity is consistent with the 10-year average. It’s as if Airdrie sits in a bubble away from the ‘big city’ of Calgary, as do the other bedroom communities.
In closing, as long as supply stays at a constant level and more job loss does not continue, prices should remain stable.
– Shilo Storey, RE/MAX First