Seasonal Trends Continue with Stable Growth
October 2024 reflected the typical seasonal cooling of the real estate market, with steady price growth and slightly slower sales activity. Despite the reduced pace, St. Albert’s market remained resilient, showcasing stable demand and increasing property values. Here’s an in-depth look at October 2024’s trends, along with comparisons to prior years.
Key Highlights for October 2024
- Average List Price: $508,700 (↑1.9% from October 2023: $499,300)
- Average Sale Price: $506,320 (↑2.4% from October 2023: $494,450)
- Days on Market (DOM): 46.2 days (↓4.5% from October 2023: 48.4 days)
Average List Price: Continued Modest Growth
The average list price for October 2024 was $508,700, a 1.9% increase compared to $499,300 in October 2023. While this growth is more tempered than peak seasons, it highlights the market’s steady demand for quality homes.
Historical average list prices for October:
- 2022: $487,800
- 2021: $475,600
- 2020: $410,900
The steady upward trend reflects the long-term desirability of St. Albert homes, especially single-family properties in established neighborhoods like Lacombe Park and Erin Ridge.
Average Sale Price: Buyers Stay Active
The average sale price in October 2024 climbed to $506,320, a 2.4% year-over-year increase from $494,450 in October 2023. This rise demonstrates that even with reduced seasonal activity, buyers are still willing to pay competitive prices for desirable properties.
Historical average sale prices for October:
- 2022: $492,600
- 2021: $478,900
- 2020: $402,800
This consistent price growth underscores St. Albert’s robust real estate market, where buyers remain engaged despite slower fall activity.
Days on Market (DOM): Faster Sales Despite Seasonal Cooling
The average Days on Market (DOM) for October 2024 improved to 46.2 days, a 4.5% decrease from October 2023’s 48.4 days.
Historical average DOM for October:
- 2022: 36.9 days
- 2021: 47.8 days
- 2020: 68.3 days
This improvement reflects sustained buyer interest, particularly for competitively priced and well-maintained properties.
Single-Family Homes and Condos: Market Trends
- Single-Family Homes: Remain the cornerstone of October’s activity, particularly in neighborhoods like Jensen Lakes and Heritage Lakes, where family-oriented properties continue to drive demand.
- Condos: Showed steady interest from first-time buyers and retirees, with communities like Mission and Grandin offering appealing options for affordable, low-maintenance living.
Year-over-Year Comparison: October Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $410,900 | $402,800 | 68.3 days |
| 2021 | $475,600 | $478,900 | 47.8 days |
| 2022 | $487,800 | $492,600 | 36.9 days |
| 2023 | $499,300 | $494,450 | 48.4 days |
| 2024 | $508,700 | $506,320 | 46.2 days |
What’s Driving the October 2024 Market?
- Seasonal Transition: Typical fall cooling as the market adjusts to reduced activity.
- Limited Inventory: Continues to support steady price growth despite slower sales.
- Economic Stability: Sustained buyer confidence supported by stable mortgage rates and economic conditions.
Looking Ahead: November 2024 Expectations
As the year winds down, market activity is expected to slow further. However, homes priced competitively and presented well are likely to continue attracting buyer interest.
Conclusion: A Resilient Fall Market
October 2024 demonstrated steady growth and resilience in St. Albert’s real estate market, with price gains and improving sales timelines despite the seasonal slowdown. Both buyers and sellers can approach this market with confidence.
Key Takeaways:
- List prices increased by 1.9%, reaching $508,700.
- Sale prices rose by 2.4%, averaging $506,320.
- Days on Market improved to 46.2 days, reflecting sustained demand.
Ready to Buy or Sell in St. Albert?
Our team is here to help you navigate the seasonal market. Contact us today for expert advice and personalized service to achieve your real estate goals.
