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Spruce Grove Real Estate Market Statistics – June 2024
The Spruce Grove real estate market has shown significant activity and growth over the past year. As of June 2024, several key metrics illustrate the health and dynamics of the market. This comprehensive analysis dives deep into the statistics, trends, and factors influencing this vibrant market.
More detailed information below
The below graphs are interactive
New MLS® Listing Count
The market dynamics in Spruce Grove are also reflected in the number of new listings. In June 2024, there were 133 new listings, representing a decrease of 7.64% compared to the same month last year. However, the YTD figure tells a different story, with 872 new listings by mid-2024, up 10.94% from 786 in 2023. This increase in new listings suggests that more homeowners are looking to capitalize on the strong market conditions.
Average Listing Price in Spruce Grove
The average asking price in Spruce Grove has seen a noticeable rise. By June 2024, the average asking price was $468K, up 13.66% from the previous year. This increase aligns with the overall trend of rising home prices in the region, driven by high demand and relatively limited supply.
Spruce Grove Home Sales
In June 2024, Spruce Grove saw 113 properties sold, marking a 5.61% increase compared to June 2023. This uptick indicates a healthy demand for homes in the area. On a year-to-date (YTD) basis, 681 properties were sold by mid-2024, a substantial 36.75% increase from the 498 properties sold during the same period in 2023. This sharp rise highlights a robust market with growing buyer interest and activity.
Average Home Sale Price
The average sale price of homes in Spruce Grove also reflects significant growth. In June 2024, the average sale price was $436K, a 12.98% increase from June 2023. Year-to-date, the average sale price was $421K, an 8.04% increase from $390K in 2023. This consistent price appreciation underscores the strong market conditions and the value buyers are placing on properties in the area.
The average ask to sell ratio in Spruce Grove for 2024 stands at 0.996, a slight increase from 0.97 in 2023. This ratio indicates that homes are selling very close to their asking prices, demonstrating realistic pricing by sellers and strong buyer willingness to meet these prices.
The monthly average sales price has shown a steady increase throughout the past year. For instance, in June 2024, the average sales price was $436K, up from $410K in January 2024 and significantly higher than $388K in June 2023. This month-by-month appreciation highlights the sustained growth in property values in Spruce Grove.
Average Days on MLS®
Homes in Spruce Grove are selling faster in 2024 compared to previous years. The average days on market until sale decreased to 46 days, down 20.69% from the previous year. This reduction indicates a highly competitive market where homes are being snatched up more quickly, reflecting strong buyer interest and efficient market dynamics.
The Spruce Grove real estate market in 2024 is characterized by strong growth, high demand, and appreciating property values. Key metrics such as sold properties, average asking prices, and average sale prices all point to a vibrant and competitive market. The decreasing days on market and high ask to sell ratio further emphasize the market’s efficiency and attractiveness to buyers and sellers alike.
For investors, homeowners, and prospective buyers, understanding these trends and statistics is essential for making informed decisions. The continued growth and positive outlook for the Spruce Grove real estate market make it an attractive option for those looking to buy or sell property in the region.
The Spruce Grove real estate market is thriving. As we move forward into the latter half of 2024, staying abreast of these trends will be crucial for anyone involved in the market. Whether you are looking to buy, sell, or invest, the data and insights from the first half of 2024 provide a solid foundation for making strategic and informed decisions.
For more information on buying or selling in Spruce Grove CONTACT CHRIS REID
Data provided by the REALTORS® Association of Edmonton and subject to change. Always consult with a real estate professional for the most current market information.
