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What you need to know about COVID-19: October 20, 2020
In addition to providing a monthly overview of Calgary’s single-family market, which includes detached, duplexes and fee-simple townhomes, BILD Calgary Region, in partnership with Altus Group, provides a look at the Airdrie market.
Information from 16 BILD association builder-members in Airdrie is collected and compiled by Altus, with the July report released last week.
Quick possession ‘spec’ homes made up almost half of sales in Airdrie, with 20 sales compared to 23 presales. The city had 20 new home starts in the month, 17 of which were single-family, finishing July with a completed and unsold inventory of 36 homes.
“Airdrie’s July sales were relatively flat compared to June and still elevated over the depressed sales activity noted during the spring market, when COVID-19 impacted builder and consumer activity,” says Altus. “Year-over-year volumes are down 12 percent, as reported by the participating builders, with strong sales of quick-possession homes, (which were) consistent with the levels noted in June.”
Average single-family home prices passed a milestone.
“Front-drive homes’ average sold price continued its upward trajectory, slightly surpassing $500,000 for the first time in 2020, while attached housing and laned homes have remained relatively stable in price at approximately $325,000 throughout 2020,” says Altus. “Construction activity remained steady, increasing nominally from June and building on four months of growth.
“June and July had almost identical home starts with front-drive homes increasing by one and attached home types decreasing by one. Completed home inventory increased for the first time since November 2019 but still remains much lower than the levels noted in 2019. Construction starts were flat month over month, but strong sales since the pandemic shut down and noted sales demand for quick occupancy inventory may support higher starts activity this fall.”
Copyright Postmedia Network Inc., 2020