A Hot Market with Rising Prices and Quick Sales
The real estate market in St. Albert gained momentum in May 2024, with impressive growth in both listing and sale prices, alongside faster sales. As the spring market peaked, strong buyer demand and low inventory drove competitive conditions. Below, we’ll explore the key numbers for May 2024 and compare them to previous years.
Key Highlights for May 2024
- Average List Price: $505,365 (↑1.8% from May 2023: $496,025)
- Average Sale Price: $506,862 (↑3.6% from May 2023: $489,168)
- Days on Market (DOM): 43.2 days (↓10% from May 2023: 48.2 days)
Average List Price: Marginal Growth
The average list price for May 2024 increased to $505,365, a 1.8% year-over-year growth from $496,025 in May 2023. While the growth was moderate compared to earlier months, it still reflects strong market confidence.
Historical average list prices for May:
- 2022: $481,931
- 2021: $452,575
- 2020: $392,656
This steady increase underscores sellers’ continued optimism, particularly in sought-after single-family home neighborhoods like Erin Ridge, Lacombe Park, and Oakmont.
Average Sale Price: Outpacing List Price Growth
May 2024 saw an average sale price of $506,862, a 3.6% increase year-over-year compared to $489,168 in May 2023. Sale prices outpaced list price growth, highlighting the competitive market environment.
Historical average sale prices for May:
- 2022: $482,482
- 2021: $447,313
- 2020: $380,275
The gap between list and sale price growth suggests that motivated buyers are willing to meet or exceed asking prices for desirable properties.
Days on Market (DOM): Homes Selling Faster
The average Days on Market (DOM) for May 2024 was 43.2 days, a 10% improvement from May 2023’s 48.2 days.
Historical average DOM for May:
- 2022: 24.6 days (a record low)
- 2021: 41.7 days
- 2020: 73.2 days
This sustained decline in DOM highlights a fast-paced market where buyers are acting quickly to secure homes. Well-prepared and competitively priced listings are closing deals in record time.
Single-Family Homes vs. Condos
- Single-Family Homes: Continued to lead the market, especially in neighborhoods like North Ridge, where newer builds attract families and professionals.
- Condos: Condos maintained steady demand, particularly in areas like Tudor Glen and Grandin, offering budget-friendly options for first-time buyers and downsizers.
Year-over-Year Comparison: May Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $392,656 | $380,275 | 73.2 days |
| 2021 | $452,575 | $447,313 | 41.7 days |
| 2022 | $481,931 | $482,482 | 24.6 days |
| 2023 | $496,025 | $489,168 | 48.2 days |
| 2024 | $505,365 | $506,862 | 43.2 days |
What’s Driving the May 2024 Market?
- Peak Spring Activity: May is often one of the busiest months for real estate, with heightened buyer interest.
- Low Inventory: Fewer listings are keeping competition strong.
- Economic Stability: Confidence in Alberta’s economy has encouraged more buyers to act decisively.
Looking Ahead: June 2024 Expectations
As we transition into summer, the market is likely to stabilize slightly, with a balanced pace of activity. However, low inventory and high demand could keep prices strong in the coming months.
Conclusion: A Competitive and Active Market
May 2024 was a standout month for St. Albert’s real estate market, with rising prices and quicker sales. Both buyers and sellers are benefiting from the robust market conditions, making this a prime time to engage in real estate transactions.
Key Takeaways:
- List prices increased by 1.8%, reaching $505,365.
- Sale prices rose by 3.6%, averaging $506,862.
- Days on Market improved to 43.2 days, reflecting faster sales activity.
Ready to Buy or Sell in St. Albert?
Our team is here to help you navigate the competitive market. Contact us today for expert advice and personalized service to achieve your real estate goals.
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