A Steady Summer Market with Sustained Growth
August 2024 continued the strong performance of St. Albert’s real estate market. As the summer season began to wind down, the market displayed consistent price growth and competitive activity. With quick sales and steady buyer interest, August was a favorable month for both buyers and sellers. Here’s a detailed analysis of the key trends for August 2024 compared to previous years.
Key Highlights for August 2024
- Average List Price: $518,329 (↑3.1% from August 2023: $502,900)
- Average Sale Price: $516,785 (↑3.5% from August 2023: $499,400)
- Days on Market (DOM): 43.7 days (↓8.4% from August 2023: 47.7 days)
Average List Price: Moderate Increase
The average list price for August 2024 reached $518,329, marking a 3.1% increase year-over-year compared to $502,900 in August 2023. This sustained growth reflects sellers’ continued confidence in the St. Albert market.
Historical average list prices for August:
- 2022: $490,100
- 2021: $475,200
- 2020: $410,600
This trend shows the increasing desirability of St. Albert properties, particularly single-family homes in established neighborhoods like Lacombe Park, Jensen Lakes, and North Ridge.
Average Sale Price: Steady Growth
The average sale price for August 2024 was $516,785, a 3.5% increase compared to $499,400 in August 2023. Sale prices continue to keep pace with rising list prices, indicating strong demand from buyers.
Historical average sale prices for August:
- 2022: $495,200
- 2021: $480,300
- 2020: $400,300
This steady growth highlights a balanced market where well-maintained and move-in-ready homes are fetching top dollar.
Days on Market (DOM): Faster Transactions
The average Days on Market (DOM) for August 2024 decreased to 43.7 days, an 8.4% improvement compared to 47.7 days in August 2023.
Historical average DOM for August:
- 2022: 32.5 days
- 2021: 45.9 days
- 2020: 66.2 days
This decline in DOM reflects sustained buyer interest, particularly for competitively priced properties.
Single-Family Homes and Condos: Market Insights
- Single-Family Homes: These properties continued to drive the market, particularly in family-friendly neighborhoods like Erin Ridge and Heritage Lakes.
- Condos: Maintained steady demand, especially among first-time buyers and retirees seeking affordability in neighborhoods like Mission and Grandin.
Year-over-Year Comparison: August Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $410,600 | $400,300 | 66.2 days |
| 2021 | $475,200 | $480,300 | 45.9 days |
| 2022 | $490,100 | $495,200 | 32.5 days |
| 2023 | $502,900 | $499,400 | 47.7 days |
| 2024 | $518,329 | $516,785 | 43.7 days |
What’s Driving the August 2024 Market?
- Steady Summer Activity: Buyers and sellers are taking advantage of the late summer market before the fall season.
- Limited Inventory: A consistent shortage of listings keeps competition high.
- Favorable Conditions: Stable mortgage rates and strong local demand continue to support the market.
Looking Ahead: September 2024 Expectations
As the market transitions into fall, activity may begin to stabilize. However, demand for single-family homes and well-priced properties is expected to remain steady.
Conclusion: A Steady and Resilient Market
August 2024 demonstrated consistent growth in St. Albert’s real estate market, with rising prices and faster sales highlighting strong buyer demand. Both buyers and sellers can benefit from the steady summer momentum.
Key Takeaways:
- List prices increased by 3.1%, reaching $518,329.
- Sale prices rose by 3.5%, averaging $516,785.
- Days on Market improved to 43.7 days, reflecting faster transactions.
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