Seasonal Shifts with Steady Price Growth
September 2024 showcased a slight seasonal cooling in activity as the market transitioned into the fall months. Despite the expected slowdown, prices continued to show year-over-year growth, reflecting a resilient St. Albert market. Here’s a detailed analysis of September’s market performance and comparisons to previous years.
Key Highlights for September 2024
- Average List Price: $510,120 (↑2.3% from September 2023: $498,550)
- Average Sale Price: $507,890 (↑2.8% from September 2023: $493,570)
- Days on Market (DOM): 44.5 days (↓5.3% from September 2023: 47.0 days)
Average List Price: Modest Growth
The average list price in September 2024 reached $510,120, representing a 2.3% year-over-year increase from $498,550 in September 2023. While growth was more modest compared to the peak summer months, sellers remain confident in the market’s long-term potential.
Historical average list prices for September:
- 2022: $485,800
- 2021: $472,100
- 2020: $405,400
This steady increase in list prices reflects the enduring appeal of St. Albert’s neighborhoods and the demand for quality homes.
Average Sale Price: Buyers Continue to Compete
The average sale price for September 2024 was $507,890, marking a 2.8% year-over-year increase compared to $493,570 in September 2023. Buyers remained active, maintaining competitive offers for desirable properties.
Historical average sale prices for September:
- 2022: $490,200
- 2021: $475,300
- 2020: $395,500
This steady upward trend in sale prices highlights a balanced market where buyers and sellers are working toward fair valuations.
Days on Market (DOM): Slight Improvement
The average Days on Market (DOM) for September 2024 improved to 44.5 days, a 5.3% decrease from September 2023’s 47.0 days.
Historical average DOM for September:
- 2022: 34.7 days
- 2021: 45.5 days
- 2020: 67.3 days
This improvement reflects the consistent demand for homes in the market, particularly those that are priced competitively and well-maintained.
Single-Family Homes and Condos: Market Insights
- Single-Family Homes: Remain a strong driver of September’s market activity, especially in neighborhoods like Erin Ridge and Lacombe Park.
- Condos: Demand for condos has remained stable, particularly among first-time buyers and retirees, with communities like Grandin offering attractive options.
Year-over-Year Comparison: September Trends
| Year | Average List Price | Average Sale Price | Days on Market |
|---|---|---|---|
| 2020 | $405,400 | $395,500 | 67.3 days |
| 2021 | $472,100 | $475,300 | 45.5 days |
| 2022 | $485,800 | $490,200 | 34.7 days |
| 2023 | $498,550 | $493,570 | 47.0 days |
| 2024 | $510,120 | $507,890 | 44.5 days |
What’s Driving the September 2024 Market?
- Seasonal Cooling: A natural slowdown in activity as the market transitions into fall.
- Limited Inventory: Continues to support price growth despite reduced sales activity.
- Economic Stability: Low interest rates and a stable economy have sustained buyer interest.
Looking Ahead: October 2024 Expectations
As we move deeper into fall, market activity may continue to slow. However, demand for single-family homes and competitively priced condos is likely to remain steady.
Conclusion: A Balanced Fall Market
September 2024 demonstrated a balanced market with steady price growth and improving sales timelines. Both buyers and sellers can navigate this market with confidence as we transition into the year’s final quarter.
Key Takeaways:
- List prices increased by 2.3%, reaching $510,120.
- Sale prices rose by 2.8%, averaging $507,890.
- Days on Market improved to 44.5 days, reflecting consistent demand.
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