Average prices for single-family detached homes in St. Albert have reached new record-breaking heights, according to recent data released by the Realtors Association of Edmonton.
In February, the average single-family home in St. Albert sold for $569,164, up significantly from $475,759 in February of the previous year. Other communities in the Greater Edmonton Area also set new record average prices, including Spruce Grove and Sherwood Park. March saw St. Albert single-family home prices continue to remain high, with the average single-family home going for $558,351, up from $507,220 in 2021.
Ryan Boser, associate broker with Sarasota Realty, described the market as a "perfect storm," with demand continuing as inventory dwindles.
“It’s definitely been a bit wild,” Boser said.
St. Albert is currently hovering between 50 and 60 single-family homes on the market, Boser said, while traditionally at this time of year supply is closer to 175 to 200 units.
“Everything that seems to hit the market is just being gobbled up right away,” Boser said. “The demand is still there and will probably be there for most of the year.”
Boser said appetite has been strong for single-family homes, but noted duplexes and townhouses are also selling quite well. The condo market, however, has been a bit “sluggish” compared to prior years, Boser said.
Some changes from pandemic to remain status quo
Demand for single-family homes has grown significantly throughout the pandemic as those with a stable income spend more time in their living space and look favourably on upgrading.
With the provincial work-from-home order lifted March 1, Boser said demand could begin to slow down. However, he highlighted that many workplaces have changed their policies because of the pandemic.
For example, many workplaces now offer a few flex days a week where employees can work from home.
“The pandemic has changed things,” Boser said. “Those things will start to go back to the way they were, to a certain degree. But I think there are still going to be some things that remain the status quo moving forward, too.”
With existing inventory still high in demand, Boser said he has also seen a lot of movement with developers and builders of new homes. Boser said new lots in St. Albert are quickly being bought up.
“Developers are racing to get more lots on the market,” Boser said. “Whether it’s resale or new home — for single family, it’s all been really busy, which is always good to see.”
As for when things will slow down, Boser said it could take some time, though he predicted the market could begin to even out in the summer or later in the fall.
Currently, sellers are seeing a lot of multiple offers, escalating prices even further, Boser said. He added that popular homes can see five or six buyers jumping on board with bids.
“For people that are selling, it’s good news,” Boser said. “For people that are buying, it’s a bit more competitive. That’s probably the best way to put it.”
