Parkland County Acreage Sales Statistics – July 2024

## Parkland County Acreage Sales: Trends and Insights for 2024

The real estate market in rural Parkland County, known for its expansive acreages and serene landscapes, has been experiencing significant shifts in 2024. The following blog will delve into these changes, offering a comprehensive analysis based on the latest statistics. Whether you’re a potential buyer, seller, or real estate enthusiast, this detailed exploration will provide valuable insights into the current market dynamics.

Below Graphs Are Interactive

Parkland County Acreage Listings

The number of new listings has slightly decreased in 2024, with 696 new listings compared to 723 in 2023, marking a 3.73% decline. This reduction in new listings could be a result of various factors, including a more cautious approach by sellers or a lag in property turnover.

Fewer new listings in the market can lead to increased competition among buyers, potentially driving up prices and reducing the days properties remain on the market.

 Parkland County Average List Price

The average asking price for acreages in Parkland County has also seen an upward trend. In 2024, the average asking price is $789K, reflecting a 12.72% increase from 2023’s average of $708K. This increase in asking prices indicates a strong seller’s market, with properties appreciating in value.

Comparing year-over-year data, the average asking price in 2023 was $622K, showing a 13.86% increase to $708K in 2024. This steady rise in asking prices suggests that the market for rural acreages is robust, with sellers confident in the market’s ability to absorb higher prices.

Parkland County Acreage Sales

Sold Properties

The number of sold properties in rural Parkland County has seen a notable increase in 2024. As of July, 72 properties have been sold, representing a 30.91% increase from the same period in 2023. Year-to-date (YTD) statistics also show a significant rise, with 387 properties sold in 2024 compared to 327 in 2023, marking an 18.35% increase.

This uptick in sales to Parkland County acreage sales can be attributed to several factors, including an increased demand for rural properties, possibly driven by a desire for more space and privacy post-pandemic. Additionally, the rising interest in sustainable living and self-sufficiency has made acreages more attractive to buyers looking to invest in properties that offer more than just residential space.

Parkland County Acreage Average Sale Price

The average monthly sales price in July 2024 was $575K, a 14.03% decrease from July 2023. Despite this monthly dip, the year-to-date average sales price in 2024 is $598K, which represents a 4.89% increase from 2023. This fluctuation can be indicative of seasonal variations in the market or the nature of properties sold in specific months.

It’s crucial to consider these monthly variations within the broader context of yearly trends. The overall increase in the average sales price YTD suggests a positive market trajectory, even if some months exhibit temporary declines.

The average ask to sell ratio in 2024 is 0.972, a modest increase from 0.964 in 2023. This ratio indicates that properties are selling very close to their asking prices, underscoring a competitive market where buyers are willing to meet seller expectations.

A higher ask to sell ratio is a positive indicator for sellers, as it suggests minimal negotiation on prices and strong buyer commitment.

Parkland County Acreage Days on Market

The average number of days on the market for properties in Parkland County has increased slightly to 95 days in 2024, up by 2.15% from 2023. Despite this increase, the average time to sell remains relatively short, indicating a healthy demand for rural acreages.

A slight increase in days on market can provide buyers with a bit more time to make informed decisions, but it also suggests that properties are still moving at a steady pace, reflecting a balanced market.

Factors Driving Market Trends

1. Increased Demand for Space: The pandemic has shifted many people’s priorities, with a growing preference for more spacious and private living environments. Acreages in rural Parkland County offer an ideal solution for those seeking a retreat from urban congestion.
2. Investment in Rural Properties: There is a rising interest in investing in rural properties, not just for residential purposes but also for agricultural and recreational use. This multifaceted utility of acreages adds to their appeal.
3. Sustainable Living: The trend towards sustainable and self-sufficient living has made acreages more desirable. Properties with the potential for farming, renewable energy installations, and other eco-friendly features are particularly attractive.
4. Economic Factors: The overall economic conditions, including interest rates and employment levels, play a significant role in real estate trends. Favorable economic conditions can boost buyer confidence and drive market activity.

Challenges and Considerations

1. Seasonal Variations: The real estate market is inherently subject to seasonal fluctuations. It’s important for both buyers and sellers to consider these variations when making decisions.
2. Property Maintenance: Acreages require more maintenance and management compared to urban properties. Prospective buyers need to be prepared for the additional responsibilities that come with owning larger parcels of land.
3. Market Saturation: While demand is currently high, there’s a risk of market saturation if too many properties are listed simultaneously. Monitoring new listings and market absorption rates is crucial to avoid this scenario.

Predictions for the Coming Year

1. Steady Price Growth: Given the current trends, it’s likely that property prices will continue to grow, albeit at a potentially slower rate as the market stabilizes.
2. Sustained Demand: The demand for rural properties is expected to remain strong, driven by the ongoing interest in spacious and sustainable living.
3. Technological Integration: The use of technology in real estate transactions, from virtual tours to online marketplaces, will continue to grow, making it easier for buyers and sellers to navigate the market.

Conclusion

The rural Parkland County acreage market is experiencing a dynamic and promising year in 2024. With significant increases in sold properties, rising average asking prices, and a healthy demand, the market shows strong potential for both buyers and sellers. However, it’s essential to stay informed about market trends, seasonal variations, and the unique challenges of owning and maintaining acreages.

Whether you’re looking to buy a tranquil retreat or sell a valuable property, understanding these market dynamics will help you make informed and strategic decisions. The future of the Parkland County acreage market looks bright, with continued interest in rural living and sustainable lifestyles driving growth and innovation in the real estate sector.

By staying abreast of these trends and leveraging expert insights, you can navigate the rural real estate market with confidence and success.

Data provided by the REALTORS® Association of Edmonton and subject to change. Always consult with a real estate professional for the most current market information. 

If you would like more information on buying and selling in Parkland County CONTACT CHRIS REID

Parkland County Website