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Rural Strathcona Country Real Estate Market- Sales Statistics October 2024
The rural real estate market in Strathcona County has seen notable shifts, with increases in sales activity, moderate changes in average asking and selling prices, and evolving trends in buyer demand. This year has demonstrated a marked rise in property transactions, spurred by factors such as buyer interest in rural properties, fluctuating inventory, and competitive pricing strategies. For those looking to buy or sell in Strathcona County, understanding these dynamics is essential. This in-depth analysis explores key data, year-over-year comparisons, and the implications of these trends for future buyers and sellers.
Bar graphs below are interactive
Strathcona County -Acreage Listings
New Listings: Meeting Buyer Demand
- 2024 New Listings: New listings in 2024 totalled 577, representing a 14.29% increase from the previous year’s 509 listings. The year-over-year rise reflects seller confidence, suggesting that more property owners are seizing the opportunity to sell amid high buyer interest.
- Increased Inventory for Buyers: The higher number of 48 new listings is beneficial for buyers, providing a wider selection of properties and creating a more balanced market. However, sellers need to ensure competitive pricing and appealing property features to stand out.
The rise in inventory shows that while there’s high demand, sellers have also responded by making more properties available, which has helped to stabilize prices and give buyers more negotiating power.
Strathcona County – Average Acreage List Price
Average Asking Price Trends
- 2024 YTD Average Asking Price: The average asking price across the county stood at $872,000, showing a 21% decrease compared to the previous year. Despite the reduction, this pricing strategy may have contributed to the rise in sales, as sellers have aligned their expectations with what buyers are willing to pay.
- 2023 Comparison: Last year, the average asking price was around $883,000, a slight increase from $872,000, highlighting an upward trend in asking prices. This 3.01% increase indicates that sellers in 2023 held firm on value expectations, while 2024 saw a shift towards more competitive pricing.
Overall, this trend of slightly reduced asking prices suggests that sellers are adjusting their pricing strategies to meet the market demand, leading to a faster sales cycle and helping to reduce the time properties spend on the market.
Strathcona County –Acreage Sales
Sold Properties: A Remarkable Increase in 2024
- October 2024 Sales: The market saw 45 sold properties in October, reflecting an impressive 104.55% increase from October 2023. This rise suggests increased demand for rural properties as more buyers are drawn to the tranquility of rural living and the appeal of larger land plots.
- Year-to-Date (YTD) Data: YTD sales reached 336 properties by October 2024, up from 268 in 2023, representing a 25.37% increase. This growth underscores the consistent buyer interest throughout the year, making 2024 one of the more active years in recent memory for rural Strathcona.
The increased sales volume could be a result of several factors: favourable rural property prices compared to urban areas, buyers seeking larger spaces, and lifestyle shifts that prioritize privacy and nature.
Strathcona County Real Estate Market –Acreage Average Sales Price
Average Sale Price: Growth in Property Value
- October 2024 Average Sale Price: The average sale price reached $750,000, a 14.87% increase compared to October 2023. This increase is indicative of strong demand, especially for properties priced below the county’s asking price average, making these more accessible to a larger group of buyers.
- YTD Average Sale Price: Across 2024, the average sale price has been $752,000, marking a 6.75% year-over-year increase from $705,000 in 2023. This appreciation demonstrates that, despite fluctuations in asking prices, rural Strathcona properties are retaining and gaining value over time.
This upward trend in sale prices aligns with the growing desirability of rural properties in the post-pandemic world, where people are increasingly looking for properties that offer space, privacy, and a closer connection to nature.
Ask-to-Sell Ratio: Narrowing the Gap
- YTD Ask-to-Sell Ratio: The ask-to-sell ratio for 2024 stands at 0.980, a slight increase of 1.45% compared to previous years. This close alignment between asking and selling prices highlights the strategic pricing from sellers, allowing them to receive offers close to their initial price.
- Market Stability Indicator: The ask-to-sell ratio is an indicator of market balance and stability. A high ratio in 2024 shows that buyers are willing to meet seller expectations, provided the pricing reflects the property’s fair market value.
This trend shows the confidence of sellers in maintaining their listing prices, which is largely backed by strong buyer demand and property valuation trends in Strathcona.
Strathcona County Acreage Average Days on Market
Properties Selling Faster in 2024
- Days on Market: In 2024, properties spent an average of 99 days on the market, a 16.47% increase compared to previous data. While still a considerable duration, this timeframe reflects the specificity of rural properties, which often require longer sale times compared to urban listings.
- Implications for Sellers: The longer days on market suggest that rural buyers are taking time to make informed decisions, and sellers might need to adjust pricing or enhance property appeal to reduce time to sale.
The lengthier market time also reflects the unique buying process for rural properties, which often involves additional due diligence, such as land assessment and utility setup checks, before purchase.
Challenges and Opportunities for Sellers
For sellers, 2024 has been a favourable year given the high demand and increased sale prices. However, to ensure successful sales in the months ahead, there are some challenges and opportunities to consider:
- Competitive Pricing: Given the changes in asking prices and the increased number of new listings, sellers need to remain competitive in their pricing. The 21% drop in average asking prices year-over-year suggests that aggressive pricing tactics may lead to faster sales.
- Highlight Unique Features: In a market with a high inventory, showcasing the unique aspects of a property can make a significant difference. Landscaping, water features, or custom-built structures should be emphasized in listings.
- Preparing for Extended Time on Market: With an average of 99 days to close, sellers need to be patient and ready to keep their property well-maintained and market-ready.
Looking Ahead: Market Outlook for 2025
The Rural Strathcona County real estate market is expected to remain stable but may see shifts in buyer trends as interest rates and economic conditions evolve. Key predictions for 2025 include:
- Steady Demand for Rural Living: The appeal of rural areas is unlikely to wane, especially as more people seek a balance between work and lifestyle post-pandemic.
- Potential for Price Adjustments: If the number of new listings continues to increase, some correction in prices may occur, giving buyers more negotiating power.
- Interest Rate Sensitivity: With lower anticipated interest rates some rural buyers may wait to enter the market to increase their buying power.
Overall, the market for rural properties in Strathcona is poised for steady growth. Both buyers and sellers can benefit from the ongoing trends, provided they stay informed and prepared.
Conclusion
In summary, 2024 has been an active year for Rural Strathcona County’s real estate market. With a significant rise in property sales, strategic price adjustments, and growing interest in rural lifestyles, the region remains highly appealing for buyers. Sellers, on the other hand, can leverage these trends by setting competitive prices and making properties stand out in a growing inventory.
Whether you’re considering buying a spacious acreage or selling a rural estate, understanding these market dynamics is key to navigating Strathcona County’s unique real estate landscape.
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.
Looking to Buy or Sell Acreages in Strathcona County?
Whether you’re a buyer eager to find your perfect rural retreat or a seller ready to capitalize on this favourable market, I’m here to help. Reach out to explore available properties or to discuss your goals.
