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St. Albert Housing Market Real Estate Statistics – July 2024
St. Albert housing market: A Comprehensive 2024 Analysis. Nestled just north of Edmonton, St. Albert is a vibrant city known for its family-friendly atmosphere, excellent amenities, and strong community spirit. The St. Albert real estate market has seen significant changes and developments over the past year. In this blog, we will delve into the latest statistics, trends, and factors influencing the St. Albert housing market as of 2024.
Bar Graphs Below Are Interactive
St. Albert New Listing Count
The number of new listings has grown significantly as well. In 2024, there were 1,264 new listings, a 42.18% increase from the 1,195 new listings recorded in 2023. This influx of new listings suggests that more homeowners are looking to capitalize on the strong market conditions by putting their properties up for sale.
St. Albert Real Estate- Average List Price
The average asking price for homes in St. Albert has also seen a notable increase. In July 2024, the average asking price was $504,000, reflecting a 10.36% rise from July 2023. Year-to-date, the average asking price stands at $501,000, which is an 8.22% increase from the previous year.
St. Albert Home Sales
The St. Albert housing market has experienced substantial growth in the number of sold properties. In July 2024, there were 158 sold properties, marking a 26.40% increase from July 2023. Year-to-date (YTD) 2024 statistics show that 940 properties were sold, representing a 21.76% increase compared to the same period in 2023. This surge in sales indicates a robust demand for homes in St. Albert.
St. Albert Average Sale Price of Homes
The average sale price in St. Albert has followed a similar upward trajectory. In July 2024, the average sale price was $504,000, a 10.36% increase from July 2023. Year-to-date, the average sale price is $501,000, representing an 8.22% increase from the previous year. These figures highlight the increasing value of properties in St. Albert, making it an attractive market for both buyers and sellers.
Analyzing the monthly sales price trends provides a clearer picture of the market dynamics throughout the year. The average monthly sales price in July 2024 was $504,000, marking a 10.36% increase from July 2023. This consistent growth trend is also evident in the year-to-date figures, with the average monthly sales price standing at $501,000, an 8.22% rise from the previous year.
The average ask to sell ratio provides insight into how close the final sale price is to the original asking price. In 2024, this ratio was 1.001, a 1.79% increase from the previous year’s ratio of 0.983. This indicates that homes are selling very close to their asking prices, reflecting a competitive market where buyers are willing to meet sellers’ expectations.
St. Albert Days on MLS®
Another crucial metric in the real estate market is the average number of days a property stays on the market before being sold. In 2024, the average days on market until sale was 51 days, a significant decrease of 17.74% from 62 days in 2023. This reduction in the time it takes to sell a home further underscores the strong demand and the quick pace at which properties are being purchased.
Historical Perspective
To understand the St. Albert real estate market better, it’s essential to look at historical data. In January 2022, the average sales price was $412,000, which increased to $406,000 in January 2023. By July 2022, the average price had risen to $486,000, and in July 2023, it reached $469,000. This steady increase over the past few years demonstrates a sustained upward trend in property values in St. Albert.
Market Segmentation
Breaking down the market into different segments, such as condos, single-family homes, and townhouses, can provide more detailed insights. The average sale price for single-family homes has seen a significant rise, while the condo market has also shown strong growth, reflecting the diverse demand across different property types.
Factors Influencing the St. Albert Housing Market
Several factors contribute to the trends observed in the St. Albert real estate market.
- Economic Conditions: The overall economic health, including employment rates and income levels, plays a significant role in the housing market. A stable economy with low unemployment rates typically boosts consumer confidence, leading to increased home purchases.
- Interest Rates: Mortgage interest rates are a critical factor. Lower interest rates make borrowing cheaper, encouraging more people to buy homes. Conversely, higher rates can dampen demand.
- Population Growth: St. Albert’s population growth has been a key driver of housing demand. As more people move to the city, the need for housing increases, pushing up prices and sales.
- Urban Development: Ongoing development projects, including new residential communities and infrastructure improvements, enhance the attractiveness of St. Albert as a place to live, further fueling demand.
- Government Policies: Policies at the municipal, provincial, and federal levels, such as tax incentives for first-time homebuyers or regulations affecting property development, can significantly impact the market dynamics.
Future Outlook
Looking ahead, the St. Albert real estate market is expected to continue its growth trajectory. The combination of strong demand, rising prices, and a steady influx of new listings suggests that the market will remain vibrant. However, potential changes in interest rates or economic conditions could influence the pace of growth.
Conclusion
The St. Albert real estate market in 2024 has shown remarkable growth across various metrics, including sold properties, average asking and sale prices, and new listings. This thriving market reflects the city’s appeal as a desirable place to live, work, and raise a family. Whether you’re a buyer, seller, or investor, understanding these trends and factors can help you make informed decisions in this dynamic market.
For potential buyers and investors, St. Albert offers a promising market with appreciating property values and a variety of new listings. Sellers can take confidence in the quick turnaround times and the stable average asking prices. Overall, the St. Albert real estate market in 2024 presents a dynamic and attractive opportunity for all stakeholders.
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.
Interested in buying or selling in the St. Albert real estate market CONTACT CHRIS REID
