Here is a breakdown of the October Market Stats AND my advice if you’re buying a home in Airdrie right now. October 2021 stats were just released by CREB, and I’ll be talking in particular about how this relates to Airdrie.
We are seeing record sales, as they are up 81% over the last 5-years. Pretty remarkable! As well, detached homes are up 61% in value from this time last year. Home prices have really jumped!
The third thing I want to talk to you about is the absorption rate. In a balanced market, you’ll typically have an absorption rate between two and four months. Now, what that means is if no new inventory came on the market, it would take between two and four months for all of the existing inventory to sell. A buyer’s market is closer to 4-6 months, while a seller’s market it 1-2 months. What we’re seeing right now is really interesting because sales are actually outpacing new listings. Our absorption rate is less than 1 month, which is WILD. Here’s a few of my latest listings:
If you’re thinking of buying, this might make you nervous. But I’m still going to encourage you to buy. The interest rates are really reasonable right now and Alberta still has great affordability compared to the rest of the country.
However, if I was to give you a piece of advice, it’s this:
Avoid buying on a really busy road or that backs onto a busy road. The reason for this, is that when the market starts to balance the first homes that start to lose their value are those that back onto busy roads.
I hope this piece of advice helps and please know that if you have any questions, you can always reach out. Follow me on Instagram and Facebook for the latest real estate updates and listings in Airdrie, Calgary, and surrounding areas. If you have questions about the breakdown of October market stats in Airdrie, put it in the comments and I’ll get back to you right away.