A Summer Market with Consistent Growth and Rapid Sales
June 2024 marked the transition into summer, and the St. Albert real estate market maintained its momentum with consistent growth in prices and quick sales. While demand remained strong, inventory levels kept competition high, making this a favorable month for sellers. Here’s a detailed look at June’s performance and a comparison to previous years.
Key Highlights for June 2024
- Average List Price: $502,421 (↑2.4% from June 2023: $490,502)
- Average Sale Price: $500,927 (↑3.3% from June 2023: $485,075)
- Days on Market (DOM): 41.8 days (↓9.5% from June 2023: 46.2 days)
Average List Price: Modest Growth
The average list price for June 2024 reached $502,421, a 2.4% increase year-over-year compared to $490,502 in June 2023. This moderate growth reflects a balanced market where sellers continue to adjust prices to meet buyer demand.
Historical average list prices for June:
- 2022: $477,300
- 2021: $459,200
- 2020: $400,500
The steady increase demonstrates the enduring appeal of St. Albert’s housing market, particularly for single-family homes in neighborhoods like Erin Ridge, Oakmont, and Heritage Lakes.
Average Sale Price: Buyers Meet the Market
The average sale price for June 2024 climbed to $500,927, reflecting a 3.3% year-over-year increase from $485,075 in June 2023. This outpaces the growth in list prices, showing a competitive market where buyers are willing to match seller expectations.
Historical average sale prices for June:
- 2022: $479,800
- 2021: $460,300
- 2020: $390,400
The consistent upward trend in sale prices signals that demand remains high, particularly for well-maintained and move-in-ready homes.
Days on Market (DOM): Continued Improvement
The average Days on Market (DOM) for June 2024 dropped to 41.8 days, a notable 9.5% improvement from June 2023’s 46.2 days.
Historical DOM for June:
- 2022: 29.3 days
- 2021: 44.7 days
- 2020: 65.1 days
This improvement reflects a faster-paced market where buyers act quickly to secure properties amid competitive conditions.
Single-Family Homes and Condos: Key Trends
- Single-Family Homes: Continued to dominate market activity, particularly in sought-after neighborhoods like North Ridge and Jensen Lakes.
- Condos: Saw steady demand from first-time buyers and downsizers, with options available in communities like Tudor Glen and Grandin.
Year-over-Year Comparison: June Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $400,500 | $390,400 | 65.1 days |
| 2021 | $459,200 | $460,300 | 44.7 days |
| 2022 | $477,300 | $479,800 | 29.3 days |
| 2023 | $490,502 | $485,075 | 46.2 days |
| 2024 | $502,421 | $500,927 | 41.8 days |
What’s Driving the June 2024 Market?
- Summer Demand: June typically marks the start of the summer housing market, with families prioritizing moves before the school year.
- Limited Inventory: Low housing stock continues to fuel competition.
- Economic Confidence: Stable mortgage rates and strong local economic conditions are supporting buyer activity.
Looking Ahead: What to Expect in July
As the summer progresses, the market may stabilize, with slightly slower activity expected. However, demand for single-family homes and well-priced condos is likely to remain strong.
Conclusion: A Strong Start to Summer
June 2024 highlighted the resilience of St. Albert’s real estate market, with rising prices and faster sales signaling a healthy, competitive environment. Both buyers and sellers should take advantage of the opportunities this summer market presents.
Key Takeaways:
- List prices increased by 2.4%, reaching $502,421.
- Sale prices rose by 3.3%, averaging $500,927.
- Days on Market improved to 41.8 days, reflecting a fast-paced market.
Ready to Buy or Sell 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.
