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The St. Albert real estate market experienced some noteworthy changes in June 2023. It is essential to stay informed about the latest market trends. In this market update, we will explore the new listings overview, total sold overview, and the average and median prices of various property types in St. Albert. Let's dive into the details.
New Listings Overview for St. Albert
In June 2023, there were a total of 198 homes listed for sale in St. Albert. This number represents a decrease of 10% compared to the previous month, indicating a slight decline in market activity.
Percent change month-over-month for new listings
Total Sold Overview for St. Albert
During June 2023, 139 homes were sold in St. Albert. This figure demonstrates a 15.2% decrease compared to the previous month, suggesting a slight slowdown in the market. Furthermore, when comparing year-over-year data, there was a 10.9% decrease in the total number of homes sold.
Average and Median Prices
Single-Family Detached Homes
The average price of a single-family detached home in St. Albert during June 2023 was $531,791.8. This represents a month-over-month decrease of 3.3% and a year-over-year decrease of 4.7%. The median price for the same property type was $475,000, reflecting a month-over-month decrease of 10.8% and a year-over-year decrease of 8.4%.
Half-Duplexes
In June 2023, the average price of a half-duplex in St. Albert was $419,184.6. This indicates a month-over-month decrease of 1.6% and a year-over-year increase of 3.2%. On the other hand, the median price for a half-duplex was $404,000, signifying a month-over-month decrease of 3.2% and a year-over-year increase of 1%.
Condominiums
Condominiums also experienced notable changes in their average and median prices during June 2023. The average price of a condominium in St. Albert was $365,750, indicating a month-over-month increase of 0.8% and a significant year-over-year increase of 79.8%. Conversely, the median price of a condominium was $207,000, reflecting a month-over-month decrease of 16.2% and a year-over-year increase of 10.4%.
Townhomes
The average price of a townhome in St. Albert during June 2023 was $296,249.1. This represents a month-over-month decrease of 2.9% and a year-over-year increase of 17.1%. On the other hand, the median price for a townhome was $302,450, indicating a month-over-month increase of 7.3% and a year-over-year increase of 26%.
Sales-to-New-Listing Ratio and Days on Market
The sales-to-new-listing ratio for St. Albert in June 2023 was 0.7. This figure signifies the relationship between the number of homes sold and the number of new listings. A ratio above 0.6 indicates a seller's market.
Furthermore, the cumulative Days on Market (DOM) provide valuable insights into the average time it takes for properties to sell. In June 2023, detached single-family homes spent an average of 43 days on the market before being sold. Half-duplexes had an average DOM of 27, condominiums/apartments had an average DOM of 104, and townhomes had an average DOM of 44.
For more information about the St. Albert real estate market and to explore available properties, visit homeanalytics.ca/st-albert. As a real estate agent, I am here to assist you with your real estate transactions and provide expert guidance throughout the process.