Listings down, but resales up in Airdrie and Cochrane single-family markets

Construction slowed and selection was up across the Calgary area over the first quarter of 2016.

But what about two centres within a 15-minute drive of Calgary limits?

Here are six facts about the single-family housing markets in Airdrie and Cochrane between the beginning of January and the end of March.

Q How much were new quick possession homes?

A The average price on Cochrane’s constructed but unabsorbed single-family homes, which typically refers to spec and show homes, was $561,761, says Canada Mortgage and Housing Corp. This was up from $488,453 a year earlier. In Airdrie, the single-family average was $608,989 last quarter, rising from $569,360 year-over-year.

Q How many quick possession single-family homes were out there?

A There were 39 single-family homes that completed construction but were left unabsorbed in Airdrie last quarter, the same as the same time a year earlier, says CMHC. In Cochrane, it was a downtick to 32 from 35.

Q How many single-family homes were listed on the resale market last quarter?

A In both Airdrie and Cochrane, fewer people put their singlefamily home on the market compared to the same period a year earlier. There were 388 new listings in Airdrie between Jan. 1 and the end of March this year, easing from 649 during the same days in 2015, says CREB. Cochrane’s cooled to 204 additions to the market from 319.

Q How much were single-family homes on the resale market?

A The benchmark price in both areas stepped back last month from the same time a year earlier. In Airdrie, it eased two per cent to $389,400 and Cochrane’s dipped 10 per cent to $392,200, says the Calgary Real Estate Board.

Q What have sales been like?

A The Calgary Real Estate Board says there were 176 single-family home sales in Airdrie between Jan. 1 and the end of March. During the same months in 2015, there were 65 deals. Cochrane also saw a rise in sales with 80 compared to 29.

Q How many single-family homes broke ground?

A Shovels turned for 96 singlefamily homes in Airdrie over the first three months of 2016, which is down from 135 a year earlier. Cochrane’s dipped to 47 from 99.