After seeing a decline in values in 2023 quarter three (Q3) and a stabilization in 2023 quarter four (Q4), market values increased in 2024 quarter one (Q1).

“While interest rates remain high, it appears that inflation is beginning to cool, which should eventually help to ease the pressure on new buyers looking to get into the market. Overall housing demand remains strong, which should continue to spur on the Camrose residential market in 2024,” said Jacobus Slabbert, HarrisonBowker Camrose manager, senior appraiser.

The average sale price in 2024 Q1 was $325,266 which is up 3.22 per cent from last quarter and up 22.76 per cent from the same time last year. The rolling 12-month average increased by 4.86 per cent.

The median sale price in 2024 Q1 was $325,000 which is up 6.21 per cent from last quarter and up 27.45 per cent from the same time last year. The rolling 12-month average increased by 5.76 per cent.

There were 14 sales over $400,000 in 2024 Q1, which is three more than last quarter and eight more than the same time last year. The increase in number of higher valued properties helps to explain the significant jump in average and median sale between 2024 Q1 and 2023 Q1.

The average Days on Market was 77 days, which is up 22 days from last quarter and up five days from 2023 Q1.

In rural Camrose County, there were 11 reported sales in 2024 Q1, which is down three sales compared to last quarter and down two sales compared to 2023 Q1. The average Days On Market was 78 days, which is up 23 days compared to 2023 Q1.

In rural Flagstaff County, there were three reported sales in 2024 Q1, which is down one sale from last quarter, but up one sale compared to 2023 Q1. The average Days On Market was 184 days, which is down 52 days compared to 2023 Q1.

City of Camrose,  while rents have increased almost 12 per cent, vacancy rates are at an all time low of just 0.2 per cent.