Elevated inventory levels and low sales for three consecutive months caused unadjusted benchmark prices to ease by 0.44% in March. Based on first quarter statistics, conditions are consistent with a buyer's market.
Typical home prices have declined by 0.59% in the first quarter of 2015, compared to the fourth quarter in 2014. The sales to new listing ratio also dropped to 41% and months of supply averaged 4.03% for the quarter. This is a significant change from one year ago when the market was facing inventory shortages and price gains.
The detached benchmark price for March is $513,800 a 3.90% increase year-over-year. The apartment benchmark price is $293,300 up 1.98% and the attached benchmark price is $354,800 up 5.38%. Overall sales for the month totaled 1,747 units, compared with 2,481 during the same period last year.
Inventory climbs in Airdrie's housing market. Year-over-year new listing growth increased to 360 units from 200. Here is a quick market snapshot for March 2015.
The benchmark price for March is $376,100 up $25,200 from last year. Overall sales for the month totaled 136 units, compared with 162 during the same period last year.
Call Jeff Campbell 403-275-3331