Summer Continues with Price Growth and Consistent Sales
July 2024 maintained the summer momentum for St. Albert’s real estate market. While growth in list and sale prices was steady, the market continued to see fast-paced sales driven by limited inventory and strong buyer interest. Here’s a breakdown of the key trends for July 2024, along with comparisons to previous years.
Key Highlights for July 2024
- Average List Price: $512,845 (↑2.8% from July 2023: $498,750)
- Average Sale Price: $510,934 (↑3.2% from July 2023: $495,265)
- Days on Market (DOM): 42.5 days (↓7.8% from July 2023: 46.1 days)
Average List Price: Continued Growth
The average list price in July 2024 climbed to $512,845, a 2.8% year-over-year increase compared to $498,750 in July 2023. This steady growth reflects sustained seller confidence in the summer market.
Historical average list prices for July:
- 2022: $480,400
- 2021: $465,300
- 2020: $402,500
The consistent upward trend showcases the demand for St. Albert homes, particularly single-family properties in neighborhoods like Erin Ridge, North Ridge, and Oakmont.
Average Sale Price: Competitive Buyer Activity
July 2024’s average sale price rose to $510,934, a 3.2% increase year-over-year compared to $495,265 in July 2023. Buyers continued to act competitively, meeting seller expectations and keeping the market moving.
Historical average sale prices for July:
- 2022: $484,500
- 2021: $470,800
- 2020: $390,600
This consistent growth highlights the demand for move-in-ready homes, especially in family-friendly neighborhoods and communities with easy access to amenities.
Days on Market (DOM): Sales Speed Up
The average Days on Market (DOM) for July 2024 dropped to 42.5 days, an improvement of 7.8% compared to July 2023’s 46.1 days.
Historical average DOM for July:
- 2022: 30.1 days
- 2021: 43.8 days
- 2020: 63.5 days
This decline in DOM reflects a fast-paced market where buyers act quickly to secure properties, especially amid limited inventory.
Single-Family Homes and Condos: Market Insights
- Single-Family Homes: Continued to dominate the July market, particularly in neighborhoods like Jensen Lakes and Lacombe Park, where space and amenities are key draws.
- Condos: Steady interest from first-time buyers and downsizers kept the condo market stable, with affordability remaining a major factor in communities like Grandin and Mission.
Year-over-Year Comparison: July Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $402,500 | $390,600 | 63.5 days |
| 2021 | $465,300 | $470,800 | 43.8 days |
| 2022 | $480,400 | $484,500 | 30.1 days |
| 2023 | $498,750 | $495,265 | 46.1 days |
| 2024 | $512,845 | $510,934 | 42.5 days |
What’s Driving the July 2024 Market?
- Summer Demand: Families and individuals looking to complete transactions before the fall season.
- Low Inventory: Fewer listings continue to drive competition and price growth.
- Economic Confidence: Favorable conditions and stable mortgage rates are supporting market activity.
Looking Ahead: August 2024 Expectations
As summer begins to wind down, the market may see slight seasonal shifts. However, demand for single-family homes and well-priced condos is expected to remain steady.
Conclusion: A Competitive and Active Market
July 2024 showcased a thriving real estate market in St. Albert, with rising prices and quicker sales highlighting strong demand and limited inventory. Both buyers and sellers can capitalize on these favorable market conditions.
Key Takeaways:
- List prices increased by 2.8%, reaching $512,845.
- Sale prices rose by 3.2%, averaging $510,934.
- Days on Market improved to 42.5 days, reflecting faster sales activity.
Ready to Make Your Move in St. Albert?
Our team is here to help you navigate the competitive summer market. Contact us today for expert advice and personalized service to achieve your real estate goals.
