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Stony Plain Real Estate Statistics Market Update: July 2024
# Stony Plain Real Estate Market Analysis: A Comprehensive Look at 2024 Trends
Stony Plain, a picturesque town known for its rich heritage and vibrant community, has seen significant shifts in its real estate market over the past year. With its mix of urban convenience and rural charm, Stony Plain continues to attract homebuyers and investors alike. In this comprehensive blog, we’ll delve deep into the current state of the Stony Plain real estate market, analyzing key trends, statistics, and what they mean for buyers, sellers, and investors.
Market Overview
The Stony Plain real estate market has experienced notable changes in 2024. A closer look at the data reveals interesting trends in sold properties, average asking prices, new listings, and days on the market.
Below Graphs Are Interactive
Stony Plain Real Estate – New MLS® Listings
New listings have also shown a slight increase, with 375 new listings in 2024 compared to 366 in 2023, a 2.46% rise. This increase in inventory provides buyers with more options, contributing to a balanced market.
Average Asking Price of Homes in Stony Plain
The average asking price for homes in Stony Plain has shown stability and growth. In July 2024, the average asking price stood at $391K, reflecting a steady market with no significant change from the previous period. On a YTD basis, the average asking price in 2024 was $388K, a 9.79% increase from $354K in 2023. This upward trend in asking prices highlights the growing confidence of sellers in the market and the increasing value of properties in Stony Plain.
Stony Plain Home Sales
In July 2024, Stony Plain saw a substantial increase in the number of sold properties, with 54 homes sold. This marks a significant 50.00% increase compared to July 2023. Year-to-date (YTD) figures for 2024 also show a remarkable rise, with 322 properties sold, up 34.73% from 239 properties in 2023.
This surge in sales indicates a robust demand in the market, driven by factors such as attractive pricing, favourable economic conditions, and the town’s appealing lifestyle. The increase in sales volume also suggests that more buyers are finding Stony Plain an ideal place to invest in real estate.
Stony Plain – Average Home Sale Price
The average sale price of homes in Stony Plain has seen a positive trajectory. In July 2024, the average sale price was $391K, a modest 0.14% increase from July 2023. YTD figures for 2024 reveal an average sale price of $388K, up 9.79% from $354K in 2023. This consistent growth in sale prices reflects a healthy market where property values are appreciating steadily.
Additionally, the average sale price in July 2024 was $411K, a 4.50% increase from the previous year. This indicates that homes in Stony Plain are fetching higher prices, benefiting sellers and boosting overall market confidence.
The average ask to sell ratio, which measures the final sale price as a percentage of the asking price, has also improved. In 2024, the ask to sell ratio was 0.998, up 1.55% from 2023. This ratio indicates that homes are selling very close to their asking prices, reflecting a competitive market where buyers are willing to meet sellers’ expectations.
Stony Plain Average Days on Market
The average number of days a property spends on the market until it is sold is a crucial indicator of market dynamics. In 2024, homes in Stony Plain spent an average of 51 days on the market, a slight decrease from previous periods. This reduction in days on market suggests a quicker turnaround for properties, indicating strong buyer interest and efficient market transactions.
Analyzing the monthly sales price trends provides valuable insights into the market’s performance over time. In July 2024, the average sales price was $391K, a slight 0.14% increase from July 2023. The YTD average sales price for 2024 was $388K, marking a 9.79% increase from 2023.
Comparing monthly sales prices over the years, we see a consistent upward trend. For instance:
- In January 2022, the average sales price was $329K.
- By July 2022, it had risen to $376K.
- In January 2023, the price was $353K, increasing to $400K by July 2023.
- In January 2024, the average sales price was $306K, and it reached $391K by July 2024.
This steady increase in sales prices indicates a strong and growing real estate market in Stony Plain.
The Stony Plain real estate market has shown remarkable resilience and growth in 2024. With significant increases in sold properties, rising average prices, and a balanced market, Stony Plain continues to be a sought-after destination for homebuyers and investors. The town’s unique appeal, coupled with favourable economic conditions and market sentiment, bodes well for its future real estate prospects.
Whether you’re considering buying, selling, or investing in Stony Plain, understanding the current market dynamics and trends is crucial. The data and insights presented in this blog provide a comprehensive overview of the market, helping you make informed decisions and capitalize on the opportunities in this vibrant real estate market.
Stay tuned for more updates and insights into the Stony Plain real estate market as we continue to monitor and analyze its performance in the coming months.
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.
If you are considering buying or selling a home in Stony Plain or just want more information on the Stony Plain real estate market, CONTACT ME HERE.
