Spring Surge: Steady Growth and Increasing Demand
April is traditionally one of the busiest months in the real estate calendar, and April 2024 followed this trend with robust market activity. The St. Albert market continued to see consistent price growth, faster sales, and sustained buyer interest. Here’s a detailed look at the numbers and insights for April 2024, along with comparisons to previous years.
Key Highlights for April 2024
- Average List Price: $508,556 (↑7% from April 2023: $475,148)
- Average Sale Price: $505,255 (↑7.7% from April 2023: $469,060)
- Days on Market (DOM): 45.1 days (↓36% from April 2023: 70.4 days)
Average List Price: Gradual but Steady Increase
The average list price in April 2024 rose to $508,556, representing a 7% year-over-year increase from $475,148 in April 2023. This growth reflects a balanced market where sellers remain confident while pricing homes to attract buyers in the competitive spring market.
Comparing list prices from previous Aprils:
- 2022: $466,732
- 2021: $458,332
- 2020: $377,399
The upward trajectory underscores the increasing desirability of St. Albert properties, particularly single-family homes in communities like Oakmont, Erin Ridge, and Lacombe Park.
Average Sale Price: Matching Market Expectations
April 2024’s average sale price reached $505,255, a 7.7% increase from April 2023’s $469,060. Buyers continued to meet seller expectations, keeping prices competitive and supporting market growth.
Sale prices in previous Aprils:
- 2022: $471,567
- 2021: $454,290
- 2020: $362,603
This year-over-year increase demonstrates that well-maintained and appropriately priced homes are highly sought after, particularly in St. Albert’s family-friendly neighborhoods.
Days on Market (DOM): A Remarkable Improvement
The average Days on Market (DOM) for April 2024 was 45.1 days, a significant reduction of 36% compared to April 2023’s 70.4 days. This improvement highlights the speed at which buyers are acting to secure properties in this competitive market.
Historical DOM for April:
- 2022: 27.7 days
- 2021: 47.5 days
- 2020: 76.5 days
The shortened DOM suggests strong buyer demand, particularly for homes that are move-in-ready and well-presented.
Single-Family Homes and Condos: Key Trends
- Single-Family Homes: These properties remain the cornerstone of St. Albert’s real estate market, with neighborhoods like North Ridge and Jensen Lakes attracting families and professionals looking for space and amenities.
- Condos: Condos are seeing steady demand from first-time buyers and retirees. Communities like Grandin and Mission offer attractive options for those seeking low-maintenance living.
Year-over-Year Comparison: April Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $377,399 | $362,603 | 76.5 days |
| 2021 | $458,332 | $454,290 | 47.5 days |
| 2022 | $466,732 | $471,567 | 27.7 days |
| 2023 | $475,148 | $469,060 | 70.4 days |
| 2024 | $508,556 | $505,255 | 45.1 days |
What’s Driving the April 2024 Market?
- Spring Buyer Activity: The traditional uptick in buyer interest during the spring market.
- Low Inventory: Limited housing stock continues to drive competition.
- Favorable Economic Conditions: Stable interest rates and economic confidence support market growth.
Looking Ahead: What to Expect in May
May is expected to continue the strong momentum seen in April, with potential for further price growth and fast-paced sales. Sellers should seize the opportunity to list now, while buyers should prepare to act quickly in this competitive market.
Conclusion: A Strong Spring Market
April 2024 demonstrated the strength of St. Albert’s real estate market, with consistent price growth, faster sales, and robust buyer activity. The spring market is in full swing, offering opportunities for both buyers and sellers.
Key Takeaways:
- List prices increased by 7%, reaching $508,556.
- Sale prices rose by 7.7%, with an average of $505,255.
- Days on Market dropped significantly to 45.1 days, reflecting strong demand.
Ready to Buy or Sell? Let’s Get Started!
The spring market is the perfect time to make your move. Contact our team today for expert guidance tailored to your needs in St. Albert’s thriving real estate market.
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