The Morinville real estate market continues to show strength and resilience as we progress through 2024. In August, the market remained steady with 27 properties sold, mirroring the figures from the same month last year. Year-to-date (YTD), there have been 197 sold properties, marking a robust 14.53% increase from 2023. This consistent sales activity reflects a solid demand in the Morinville real estate market.
New Listings and Market Trends
The market has also seen a healthy influx of new listings, with 30 homes added in August, representing a 7.14% increase compared to the previous year. YTD new listings stand at 247, up 5.56% from 2023. This steady stream of inventory suggests that homeowners are feeling confident about listing their properties, likely influenced by the rising average sale prices and quicker turnover times.
Rising Prices and Shorter Days on Market
One of the standout statistics in the Morinville real estate market this August is the significant rise in the average sale price, which reached $372,000—a notable 26.47% increase from August 2023. The average asking price also saw a substantial rise to $395,000, up 26.16% from last year, reflecting an upward trend in home values. YTD, the average sale price is up 10.34%, sitting at $369,000 compared to $335,000 in 2023.
Homes are selling faster as well, with the average days on market dropping dramatically by 56.04% to just 40 days in August. This improvement suggests that buyers are acting quickly in the competitive Morinville market, driving down the time properties spend on the market.
Strong Ask to Sell Ratios
Another positive indicator is the increase in the average ask to sell ratio, which now stands at 0.993. This 2.58% rise from last year shows that sellers are achieving near their asking prices, which is another sign of a strong and balanced market.
Overall, the Morinville real estate market is thriving with increased sales, rising prices, and quicker transactions. Whether you're looking to buy or sell, the current market dynamics present a favorable environment for all parties involved. For more insights and personalized advice, feel free to reach out to John Carle at Homes & Gardens Real Estate for expert guidance in navigating this active market.
For more updates and detailed insights into the Morinville real estate market, stay tuned to our regular market reports.
