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Overview
The real estate market in St. Albert witnessed significant movements in February 2024, reflecting dynamic shifts in supply, demand, and pricing. Let's delve into the latest statistics to gain insights into the current scenario.
New Listings Overview for St. Albert
In February 2024, St. Albert saw a surge in new listings, with a total of 144 homes hitting the market. This marks a substantial increase of 37.1% from the previous month, indicating heightened activity in the housing sector.
Browse all New Construction Homes for Sale in St. Albert
Total Sold Overview for St. Albert
Contrastingly, the total number of homes sold in St. Albert during February 2024 amounted to 90, showcasing a remarkable uptick of 69.8% compared to the previous month. Year-over-year, this represents a significant rise of 38.5%, reflecting a robust market performance.
Pricing Trends
Single-Family Detached Homes
The average price for single-family detached homes reached $583,246.60 in February, representing an 8.7% increase month-over-month and a 15.3% rise year-over-year. The median price also climbed, settling at $539,750, reflecting a 13.8% MoM and 12.4% YoY growth.
Half-Duplex Properties
The average price of half-duplexes witnessed a decline of 15% compared to January, reaching $412,983.30. However, year-over-year figures show a 14% increase. The median price also displayed a slight decrease of 3.1% MoM, settling at $448,250, but a significant 39.2% increase YoY.
Condominiums
The condominium market saw a positive trend, with the average price rising 18% MoM to $294,322.20. This growth extends year-over-year as well, with a 17% increase. The median price followed a similar trajectory, experiencing a substantial increase of 55.9% MoM and 32.6% YoY, reaching $290,000.
Townhomes
The average price for townhomes climbed to $273,475, reflecting a 7.5% MoM growth. Year-over-year trends also point towards a positive market, with a 19.8% increase. The median price displayed similar growth patterns, rising 12.6% MoM and 30% YoY, settling at $279,500.
Market Activity Metrics
Sales-to-New-Listing Ratio
The sales-to-new-listing ratio for St. Albert in February 2024 was 0.62, indicating a balanced market where new listings are met with healthy buyer demand.
Days on Market
The cumulative Days On Market (DOM) provides valuable insights into the average time properties spend on the market before being sold. In St. Albert:
Detached single-family homes spent 87 days on the market.
Half-duplex properties had an average DOM of 39 days.
Condominiums had a median DOM of 78 days.
Townhomes typically spent 65 days on the market.
Residential attached properties had the highest DOM at 148 days.
These figures highlight the varying pace of transactions across different property types, with detached homes and half-duplex properties demonstrating relatively faster sales compared to condos and townhomes.
Conclusion
In summary, the real estate market in St. Albert remained active and dynamic in February 2024, with notable increases in both new listings and sales. Pricing trends varied across property types, with single-family detached homes and condominiums experiencing significant appreciation. As market conditions continue to evolve, staying informed about these trends is crucial for buyers and sellers navigating the St. Albert real estate landscape.
Disclaimer: Data sourced from the MLS. The information provided in this blog is ‘as is’ with no guarantee of accuracy or completeness.