Houses in Airdrie in the past year reported the highest monthly price gains the city has ever seen in the market.
This will likely make real estate buyers and sellers take a step back and re-evaluate the market, potentially leading to some adjustments in price.
The average housing price increased 22.1 per cent with the average price for a house being sold in Airdrie since the start of the year is $482,080.
This has been evident for the last two months as prices have begun to trend downwards. Despite being down, they still remain 22 per cent higher than levels last year and inventory remains lower then last year, down by 15 per cent.
Shilo Storey, a realtor with Re/Max First says “since the start of 2022 is when we saw the biggest jumps in house prices”
Storey added that in the last couple weeks there has been a shift as the housing market cools off a bit. It is fairly normal at this time of year with people going on summer holidays for the housing market to cool down, she added.
While new listings did improve compared to last year, levels were not enough to significantly alter the tight market conditions in Airdrie. The sales-to-new-listings ratio remained relatively tight at 81 per cent and the months of supply, while higher than earlier in the year, pushed just slightly above one month.
Storey predicts that the market will continue to be a good market for both buyers and sellers alike. She predicts this to hold until the start of next year.
Send your news tips, story ideas, pictures, and videos to email@example.com