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Key Takeaways
Single-family detached homes continue to show strength, with prices up both monthly and yearly.
The condo market is experiencing some volatility, with a significant year-over-year decrease in average price but an increase in median price.
Townhomes are showing resilience with positive year-over-year growth in both average and median prices.
The decrease in new listings could lead to increased competition among buyers.
This is the St. Albert Real Estate Market Update for June 2024. Look to me as your real estate agent for the most current insights and trends in this local market. Whether you are a buyer, seller, or just interested in how the real estate landscape is taking shape, this update will give you the big picture of what is going on in St. Albert.
Housing Market Overview
St. Albert New Listings Overview shows 191 homes listed for sale in June 2024, which is a decrease of 15.1% compared to May. Such a drastic drop in new listings may set up a tighter market on the buyer's side.
In contrast, St. Albert's Total Overview of Sold Homes was 174 in June 2024. This is just a scant drop of 3.3% month-over-month and an increase of 25.2% year-over-year, an extremely strong year-to-year growth for the St. Albert real estate market.
Total Sales Overview
Total Sold: 174 homes
Month-over-Month Change: -3.3%
Year-over-Year Change: +25.2%
Trends in Prices of St. Albert
Single Family: Average for Single-Family Detached: $582,986 (2.4% higher compared to previous month; 9.6% higher than last year). Median for Single-Family Detached: $525,000 (-0.9% compared with last month; 10.5% higher than last year)
The average price for single-family detached types inched slightly higher while the median price dropped a bit month-over-month.
Half-Duplex:
Average: $405,475 (-10.6% compared with last month; -3.3% compared with last year)
Median: $367,500 (-18.6% compared with last month; -9% compared with last year)
The prices of half-duplexes fell drastically to become affordable to the people looking for smaller houses.
Condominiums
Average Price: $269,993.8 (-12.7% MoM, -26.2% YoY)
Median Price: $246,500 (-7.7% MoM, +19.1% YoY)
The average prices for the condominiums showed just the opposite change as compared to its benchmark; simultaneously, the median prices increased in almost one year, which is an inclination of volatility.
Townhomes
Average Price: $319,650 (-6.1% MoM, +9.8% YoY)
Median Price: $306,000 (-10.8% MoM, +13.3% YoY)
Townhomes still show demand, and their prices have appreciated consistently year over year.
Sales-to-New-Listings Ratio
The sales-to-new-listing ratio for St. Albert in May 2024 was 0.8. This gives us a relationship between supply and demand of housing in the market. A ratio above 0.6 indicates a seller’s market.
Days on Market
Knowing how long homes take to sell can help you understand what's going on in today's market:
Detached Single Family Homes: 37 days
Duplexes: 72 days
Condos/Apartments: 40 days
Townhomes: 41 days
Residential Attached: 127 days
The relatively quick turnover for detached single-family homes, at just 37 days on market, indicates strong demand for this property type in St. Albert.
Conclusion
The St. Albert real estate market in June 2024 is showing trends mixed within, wherein for some types of property, prices are trending down, and for some others, it is trending up. Understanding how these dynamics impact on your own goals can help make an informed decision as either a buyer or seller in this real estate market.
Feel free to give me a call directly for more nuanced insights or personal advice, or take a gander at our Home Buying Guide and Selling Tips.
Contact us today to discuss your specific needs and goals.
Disclaimer: Data sourced from the MLS. The analysis focused on the last five years of sold data. The information provided in this blog is ‘as is’ with no guarantee of accuracy or completeness.