Seasonal Trends with Resilient Growth
November 2024 reflected steady market activity despite the seasonal cooling. The market demonstrated moderate growth in median list and sale prices while maintaining competitive timelines for property sales. Below is an in-depth analysis of November 2024’s performance and comparisons to prior years.
Key Highlights for November 2024
- Median List Price: $505,000 (↑4.0% from November 2023: $485,000)
- Median Sale Price: $500,000 (↑4.2% from November 2023: $480,000)
- Median Days on Market (DOM): 42 days (↓14.3% from November 2023: 49 days)
Median List Price: Solid Year-over-Year Growth
The median list price for November 2024 increased to $505,000, reflecting a 4.0% year-over-year growth compared to $485,000 in November 2023. Sellers remain confident in the value of their properties, particularly as inventory remains tight.
Historical median list prices for November:
- 2022: $475,000
- 2021: $460,000
- 2020: $385,000
The consistent upward trend highlights the demand for homes in desirable neighborhoods like Erin Ridge and Jensen Lakes, where family-oriented properties continue to command strong prices.
Median Sale Price: Competitive Offers Persist
The median sale price in November 2024 reached $500,000, marking a 4.2% increase from $480,000 in November 2023. Buyers continue to meet sellers’ expectations, keeping sale prices competitive and reflective of market values.
Historical median sale prices for November:
- 2022: $470,000
- 2021: $455,000
- 2020: $375,000
This sustained growth in sale prices underscores the strong demand for well-maintained, move-in-ready properties, even as the market slows seasonally.
Median Days on Market (DOM): Faster Sales Despite Seasonal Trends
The median Days on Market (DOM) improved to 42 days, representing a 14.3% decrease from 49 days in November 2023.
Historical median DOM for November:
- 2022: 49 days
- 2021: 42 days
- 2020: 40 days
This improvement suggests that competitively priced and well-presented homes are selling quickly, even as buyers take a more measured approach during the cooler months.
Single-Family Homes and Condos: Market Insights
- Single-Family Homes: These properties remain the backbone of the St. Albert market, with neighborhoods like Lacombe Park and Heritage Lakes leading the way.
- Condos: Continue to attract first-time buyers and downsizers seeking affordability and low-maintenance living, particularly in communities like Grandin and Mission.
Year-over-Year Comparison: November Trends
| Year | Median List Price | Median Sale Price | Median Days on Market |
|---|---|---|---|
| 2020 | $385,000 | $375,000 | 40 days |
| 2021 | $460,000 | $455,000 | 42 days |
| 2022 | $475,000 | $470,000 | 49 days |
| 2023 | $485,000 | $480,000 | 49 days |
| 2024 | $505,000 | $500,000 | 42 days |
What’s Driving the November 2024 Market?
- Seasonal Adjustments: A typical slowdown in activity as winter approaches.
- Limited Inventory: Keeps prices stable and sales timelines competitive.
- Buyer Resilience: Demand persists despite higher list prices, supported by stable mortgage rates.
Looking Ahead: December 2024 Expectations
As the year concludes, market activity is expected to slow further, but homes priced competitively and marketed effectively will continue to attract serious buyers.
Conclusion: Resilient Fall Market
November 2024 demonstrated continued resilience in St. Albert’s real estate market, with steady price growth and faster sales timelines. Buyers and sellers alike can approach this market with confidence as the year winds down.
Key Takeaways:
- Median list prices increased by 4.0%, reaching $505,000.
- Median sale prices rose by 4.2%, averaging $500,000.
- Median Days on Market improved to 42 days, reflecting competitive sales activity.
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