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If you're in the market for buying or selling a home in St. Albert, you'll want to stay informed about the latest trends and statistics. The real estate landscape is always changing, and understanding the market conditions can make a significant difference in your decision-making process. In this market update for October 2023, we'll explore the recent developments in St. Albert's real estate market, complete with insights, trends, and valuable information to guide you on your real estate journey.
New Listings Overview
The total number of homes listed for sale in St. Albert for the month of 2023-10 was 141 This is a change of -22.5% from the previous month.
Total Sold Overview for St. Albert
Let's start by taking a look at the total number of homes sold in St. Albert for the month of October 2023. In October, there were 83 homes sold in St. Albert, which represents a change of -16.2% compared to the previous month. However, when compared to the same period last year, there has been a modest increase of 1.2%.
Average and Median Home Prices
The average price of a single-family detached home in St. Albert for October 2023 was $511,262.5. This reflects a decrease of -11.4% compared to the previous month and -2.8% when compared to the same month in the previous year. Meanwhile, the median price for a single-family detached home in St. Albert in October 2023 was $474,900, showing a change of -3.9% month-over-month and a positive change of 3.5% year-over-year.
For those interested in half-duplexes, the average price in October 2023 was $401,533. This marked a significant increase of 15.7% compared to the previous month and a small uptick of 0.8% year-over-year. The median price for a half-duplex was $436,249, showcasing an even more significant change of 30.6% compared to the previous month and a substantial 16.3% year-over-year increase.
If you're considering a condominium in St. Albert, the average price for October 2023 was $202,575, with a -17.3% change month-over-month and a -32% change year-over-year. The median price for condos in the same period was $152,000, marking a -26.9% change month-over-month and a -34.1% change year-over-year.
For those interested in townhomes, the average price in October 2023 was $264,238.8, with a -3.5% change compared to the previous month and a -17.2% change year-over-year. The median price for townhomes was $275,000, reflecting a 11.3% change month-over-month and a -15.3% change year-over-year.
Sales-to-New-Listing Ratio
The sales-to-new-listing ratio for St. Albert in October 2023 was 0.59, indicating that approximately 59% of new listings resulted in successful sales. This ratio can provide valuable insights into the level of competition and demand in the market.
Cumulative Days On Market
It's also important to consider the cumulative days on market for different types of properties in St. Albert. In October 2023:
Detached single-family homes spent an average of 57 days on the market before selling.
Duplex properties had a longer time on the market, with an average of 183 days.
Condo/apartment units spent 56 days on the market.
Townhomes had an average of 29 days on the market before being sold.
Understanding the days on market can help both buyers and sellers make informed decisions and set appropriate expectations.
Conclusion
In the dynamic world of real estate, staying up-to-date with market trends and statistics is crucial. This market update for October 2023 offers a comprehensive overview of the St. Albert real estate market, including changes in property prices, sales-to-new-listing ratios, and days on market. Whether you are a homebuyer or seller, these insights can help you make informed decisions and navigate the St. Albert real estate market more effectively.
For more in-depth information and resources related to St. Albert real estate, you can visit Home Analytics - St. Albert.
If you're looking to make a move in the St. Albert real estate market, understanding the latest trends and data is your key to success. Don't miss out on the opportunities that this vibrant market has to offer.