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If you're considering buying or selling a home in St. Albert, it's essential to stay informed about the current real estate market trends. In this St. Albert Real Estate Market Update for August 2023, we'll provide you with a comprehensive overview of the latest statistics and insights to help you make informed decisions in your real estate journey.
New Listings Overview for St. Albert
In August 2023, St. Albert saw a total of 178 new listings hit the market. This represents a significant increase of 20.3% compared to the previous month. This surge in new listings is indicative of a dynamic market with a fresh inventory of homes for potential buyers to explore.
Total Sold Overview for St. Albert
During the same month, St. Albert recorded 97 home sales. This figure reflects a -19.2% month-over-month change and a -13.4% year-over-year change.
Average and Median Prices
Single-Family Detached Homes
The average price of a single-family detached home in St. Albert for August 2023 was $557,035.3. This figure demonstrates a 7% increase compared to the previous month and a 5.5% increase year-over-year. Meanwhile, the median price for single-family detached homes in St. Albert was $533,500, indicating a 12.3% month-over-month increase and a 5.6% year-over-year rise.
Half-Duplexes
For half-duplexes in St. Albert, the average price in August 2023 stood at $443,325. This reflects an 8.4% month-over-month increase and a remarkable 28.5% year-over-year growth. The median price for half-duplexes was $434,450, showing a 14% month-over-month increase and an impressive 36.2% year-over-year surge.
Condominiums
Condominiums in St. Albert had an average price of $222,238.9 in August 2023. While this marks a -10.2% decrease compared to the previous month, it still represents an 8.5% year-over-year increase. The median price for condominiums was $225,000, indicating a 5.9% month-over-month increase and a 7.3% year-over-year rise.
Townhomes
Townhomes in St. Albert had an average price of $261,420.7 in August 2023. It's worth noting that this category experienced a -30% month-over-month decrease and a -2.7% year-over-year decline in average prices. The median price for townhomes was $215,000, showing a -43.3% month-over-month drop and an -8.5% year-over-year decrease.
Sales-to-New-Listing Ratio
The sales-to-new-listing ratio is a crucial metric for understanding the balance between supply and demand in the real estate market. In St. Albert, for August 2023, this ratio was 0.54, indicating a reasonably balanced market where both buyers and sellers have opportunities.
Days on Market
The cumulative Days on Market (DOM) is another essential factor to consider when evaluating the real estate market's health. Here are the DOM statistics for different property types in St. Albert:
Detached single-family homes spent an average of 42 days on the market before selling.
Half-duplexes had an average DOM of 53 days.
Condos/apartments had an average DOM of 42 days.
Townhomes had an average DOM of 52 days.
These DOM statistics provide insights into the speed at which different types of properties are selling in St. Albert, helping buyers and sellers manage their expectations.
In conclusion, the St. Albert real estate market in August 2023 shows various dynamics across different property types. While some segments experience price increases and a surge in new listings, others show temporary decreases.