Spring Market Kicks Off with Balanced Growth and Strong Demand
As we entered March, the St. Albert real estate market showed steady performance with consistent price growth and stable activity. March often signals the start of the spring buying season, and this year was no exception. Let’s dive into the March 2024 trends and how they compare to previous years.
Key Highlights for March 2024
- Average List Price: $497,982 (↑7.7% from March 2023: $462,165)
- Average Sale Price: $495,558 (↑9% from March 2023: $454,568)
- Days on Market (DOM): 60.5 days (↓11% from March 2023: 68.3 days)
Average List Price: Continued Upward Trend
The average list price for March 2024 climbed to $497,982, a 7.7% increase from March 2023’s $462,165. While not as sharp as February’s gains, this increase reflects strong market fundamentals and sellers’ confidence.
For perspective, here are the list prices for March in recent years:
- 2022: $478,323
- 2021: $449,636
- 2020: $386,369
The consistent upward trend underscores the appeal of St. Albert, particularly for families seeking single-family homes in established neighborhoods like Erin Ridge, Lacombe Park, and Oakmont.
Average Sale Price: Buyers Meet Seller Expectations
March 2024 saw average sale prices reach $495,558, a 9% year-over-year increase from $454,568 in March 2023. Buyers remained active in the market, matching sellers’ expectations in this competitive landscape.
Here’s how average sale prices compare historically:
- 2022: $481,925
- 2021: $442,545
- 2020: $376,143
The sustained price growth reflects:
- Low housing inventory, leading to competitive offers.
- Buyers’ willingness to meet rising valuations for quality homes.
- Strong demand for homes offering space and modern upgrades.
Days on Market (DOM): Homes Selling Faster
The average Days on Market (DOM) for March 2024 improved to 60.5 days, a significant decrease of 11% compared to March 2023’s 68.3 days. This marks one of the fastest sales paces for March in recent years.
For context:
- 2022: 57.7 days
- 2021: 69.7 days
- 2020: 73.4 days
Faster sales are a sign of healthy buyer demand, particularly for well-priced and move-in-ready properties. Sellers who price competitively and prepare their homes for showings can benefit from quicker transactions.
Single-Family Homes vs. Condos
Single-family homes continued to dominate March’s market activity. Families and move-up buyers targeted spacious properties in neighborhoods like North Ridge and Jensen Lakes, where modern builds and proximity to amenities remain key draws.
Condos saw steady interest, particularly from first-time buyers and downsizers. Affordable options in communities like Akinsdale and Grandin provided opportunities for buyers looking for value and convenience.
Year-over-Year Comparison: March Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $386,369 | $376,143 | 73.4 days |
| 2021 | $449,636 | $442,545 | 69.7 days |
| 2022 | $478,323 | $481,925 | 57.7 days |
| 2023 | $462,165 | $454,568 | 68.3 days |
| 2024 | $497,982 | $495,558 | 60.5 days |
What’s Driving the March 2024 Market?
- Spring Market Activity: March traditionally marks the beginning of increased buyer activity.
- Limited Inventory: Fewer homes on the market have sustained competition and price growth.
- Economic Conditions: Confidence in Alberta’s economy and stable mortgage rates have encouraged buyers to act now.
Looking Ahead: What to Expect in April
April is often one of the busiest months for real estate, and we expect continued growth in list and sale prices. If inventory remains tight, buyers may face increased competition, making early action essential. Sellers can take advantage of this demand by listing their homes promptly.
Conclusion: March 2024 Shows Balanced Growth
The St. Albert real estate market performed strongly in March 2024, with rising prices and faster sales signaling a healthy, active market. Both buyers and sellers can approach the coming months with optimism as spring activity accelerates.
Key Takeaways:
- List prices increased by 7.7%, reaching $497,982.
- Sale prices rose by 9%, with an average of $495,558.
- Days on Market improved to 60.5 days, showing faster sales activity.
Thinking of Buying or Selling?
The spring market is here! If you’re ready to take the next step, contact our team today for expert advice and a personalized plan to help you succeed in St. Albert’s real estate market.
