A Fresh Start with Rising Prices and Steady Momentum
As the new year begins, January 2024 saw a strong start in St. Albert’s real estate market. Homebuyers and sellers entered the year with notable confidence, contributing to an increase in both average list prices and sale prices compared to previous years. Let’s break down the January market trends and see how they stack up against historical data.
Key Highlights for January 2024
- Average List Price: $459,769 (↑9% from January 2023: $421,471)
- Average Sale Price: $449,537 (↑10% from January 2023: $407,263)
- Days on Market (DOM): 93.5 days (↑1.5% from January 2023: 92.2 days)
Average List Price Continues to Rise
The average list price in January 2024 climbed to $459,769, marking a 9% increase from January 2023. This growth signals continued confidence among sellers who are expecting favorable returns on their properties. When compared to January in prior years:
- 2022: $435,400
- 2021: $437,136
- 2020: $416,222
While January typically reflects slower activity after the holiday season, this year the higher asking prices indicate optimism about buyer demand and the market’s resilience.
Average Sale Prices Surpass Expectations
Home sales in January 2024 reached an average price of $449,537, a 10% increase year-over-year from $407,263 in January 2023. The growth is particularly encouraging as it highlights buyers’ willingness to meet higher market valuations. Notably:
- Compared to January 2022: $429,695
- Compared to January 2021: $425,787
- Compared to January 2020: $403,915
This surge in sale prices could be attributed to several factors:
- Demand for single-family homes remains high.
- Limited housing inventory has sustained competitive bidding.
- Steady economic conditions and favorable mortgage rates have boosted purchasing power.
Days on Market (DOM): A Slight Increase
The average days on market (DOM) for January 2024 was 93.5 days, slightly up from 92.2 days in January 2023. While this indicates a marginal slowdown in sales activity, it remains within typical seasonal trends.
Historically, DOM for January was:
- 2022: 61 days (a notably fast-paced year)
- 2021: 68 days
- 2020: 117 days
This year’s slight uptick could suggest that buyers are taking more time to assess options, particularly as prices climb. Sellers should keep this in mind when pricing competitively and preparing properties for market.
Property Types: Condos and Single-Family Homes
Single-family homes remained the most sought-after property type in January 2024, driving much of the price increases. These properties tend to attract families looking for space and stability, particularly in popular St. Albert neighborhoods like Akinsdale, Erin Ridge, and Grandin.
Condos, while still showing steady demand, have maintained more stable pricing. Condo buyers may find opportunities in communities such as Tudor Glen and Alpine Estates, where prices are more affordable compared to single-family homes.
What’s Driving the January 2024 Market?
Several factors contributed to the strong start:
- Economic Stability: Alberta’s continued economic recovery has given buyers confidence to invest.
- Low Inventory: Limited housing stock has kept prices firm.
- Seasonal Activity: Many buyers and sellers are eager to begin their real estate journey early in the year.
Looking Ahead: What to Expect for February
As we move into February, we anticipate continued stability with modest price growth. If buyer demand remains strong and inventory stays tight, sellers can expect favorable conditions.
Conclusion: January 2024 Sets a Positive Tone
January 2024 demonstrated encouraging momentum in the St. Albert real estate market. With rising prices and steady activity, both buyers and sellers can look forward to a promising year ahead.
Key Takeaways:
- List prices increased by 9% year-over-year.
- Sale prices surged by 10%, reaching an average of $449,537.
- Days on market remained stable, with an average of 93.5 days.
Interested in Buying or Selling in St. Albert?
If you’re considering buying or selling in 2024, now is the time to act. Contact our team for a personalized market analysis and expert advice tailored to your needs.
If you’re satisfied with this format, I’ll write similar detailed reports for February to June. Let me know!
