Strong Growth Continues with Rising Prices and Faster Sales
Key Highlights for February 2024
- Average List Price: $533,145 (↑24.8% from February 2023: $427,257)
- Average Sale Price: $525,835 (↑26.1% from February 2023: $416,926)
- Days on Market (DOM): 82.4 days (↓8.6% from February 2023: 90.2 days)
Average List Price: Sharp Increase
The average list price for February 2024 surged to $533,145, marking an impressive 24.8% increase year-over-year from $427,257 in February 2023. This sharp rise is one of the most notable in recent years and reflects growing seller confidence and sustained demand.
For context, average list prices for February in previous years were:
- 2022: $486,948
- 2021: $460,488
- 2020: $378,585
This upward trend highlights a competitive market where sellers expect strong returns, particularly in sought-after single-family home segments.
Average Sale Price: Keeping Pace with List Prices
February’s average sale price followed a similar trajectory, climbing to $525,835, a substantial 26.1% year-over-year increase. This figure outpaced February 2023’s $416,926 and marks a consistent upward trend over the past five years.
For comparison:
- February 2022: $484,055
- February 2021: $451,551
- February 2020: $367,660
The increase in sale prices indicates that buyers are not only active but also willing to meet rising market values, especially for well-maintained properties in desirable neighborhoods.
Days on Market (DOM): Faster Sales
One standout metric for February 2024 was the decrease in Days on Market (DOM) to 82.4 days. This is a notable improvement from 90.2 days in February 2023, showing that properties are selling more quickly despite rising prices.
Historical DOM for February:
- 2022: 73.9 days
- 2021: 81.5 days
- 2020: 75.4 days
This decline in DOM reflects robust buyer interest and limited inventory, which has kept competition strong. Homes that are priced appropriately and well-prepared for showings are seeing quicker transactions.
Single-Family Homes vs. Condos
- Single-Family Homes: Continued to drive the market, particularly in neighborhoods like Erin Ridge, Oakmont, and Jensen Lakes, where larger properties command premium prices.
- Condos: While condo prices remained relatively stable, demand has started to pick up, especially for first-time buyers and downsizers seeking affordable options in neighborhoods like Grandin and Akinsdale.
What’s Driving the February 2024 Market?
- Increased Buyer Demand: February often sees a rise in buyer activity as people prepare for the spring market.
- Limited Inventory: Fewer listings have pushed prices higher and reduced DOM.
- Economic Confidence: Stable interest rates and optimism about Alberta’s economy have encouraged more buyers to act.
Year-over-Year Comparison: February Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $378,585 | $367,660 | 75.4 days |
| 2021 | $460,488 | $451,551 | 81.5 days |
| 2022 | $486,948 | $484,055 | 73.9 days |
| 2023 | $427,257 | $416,926 | 90.2 days |
| 2024 | $533,145 | $525,835 | 82.4 days |
This table showcases February 2024’s strong performance, with significant growth in prices and faster sales compared to previous years.
Looking Ahead: What to Expect in March
As we move into March, the St. Albert real estate market is expected to remain active. If inventory remains tight, prices could continue to rise, especially for single-family homes. Buyers may need to act quickly and decisively, while sellers can benefit from strong demand.
Conclusion: February 2024 Delivers Impressive Growth
The St. Albert real estate market showed remarkable growth in February 2024, with rising prices and improved sales timelines. Sellers are enjoying strong returns, while buyers remain active despite the competitive landscape.
Key Takeaways:
- List prices increased by 24.8% year-over-year.
- Sale prices surged by 26.1%, reaching an average of $525,835.
- Days on Market improved to 82.4 days, reflecting quicker sales.
Ready to Buy or Sell in St. Albert?
If you’re considering buying or selling in 2024, our team is here to guide you every step of the way. Reach out today for a personalized market analysis and expert insights into your next real estate move.
Let me know if you’d like this same style for March, or if you have any suggestions!
