Spruce Grove Real Estate Market Statistics – September 2024

Spruce Grove has been experiencing significant growth in its real estate market. Known for its family-friendly neighbourhoods, excellent schools, and a plethora of recreational opportunities, Spruce Grove is an attractive destination for homebuyers and investors alike. In 2024, the city’s real estate market has shown remarkable trends that are worth exploring in detail. This blog will delve into the key statistics and factors driving the market, providing a thorough analysis of sold properties, average asking prices, new listings, days on market, and average sale prices.

More detailed information below

The below graphs are interactive

New MLS® Listing Count

Increased Listings but Tight Inventory

Spruce Grove has experienced a rise in new listings in 2024, reflecting a growing interest in the market.

• New Listings:
  YTD in 2024, there have been 1,264 new listings, up from 1,151 in 2023, showing a 9.82% increase. This influx of properties provides more options for buyers, although high demand suggests that competition remains strong for quality listings.

Average Listing Price in Spruce Grove

Price growth has been another notable trend in Spruce Grove’s market, attracting attention from both investors and homebuyers looking for long-term value.

• Average Asking Price:
  The average asking price reached $470K in 2024, showing a 9.42% increase YTD from 2023. When comparing average prices from $417K in 2023 to $458K in 2024, there’s a noticeable 9.78% growth, indicating that properties in Spruce Grove are appreciating at a steady pace.

Spruce Grove Home Sales

The number of monthly sold properties provides a view of market vitality and seasonality.

• Monthly Sold Properties Comparison:
  September’s sales figures indicate that sales have increased significantly compared to prior months and years, indicating a possible seasonal effect as more families aim to settle in before winter.
• Sold Properties:
  In September 2024, Spruce Grove reported 101 properties sold, a 34.67% increase compared to September 2023. On a YTD basis, 1,021 properties have sold, marking a 32.43% increase from 771 in 2023. This significant rise in sales highlights the area’s appeal, suggesting that more families and individuals are choosing Spruce Grove as a residential destination.

In 2024, Spruce Grove has seen remarkable growth in its real estate market. The year-to-date (YTD) statistics reveal a thriving market driven by an increased demand for properties in this suburban area of Edmonton.

• Sold Properties:
  In September 2024, Spruce Grove reported 101 properties sold, a 34.67% increase compared to September 2023. On a YTD basis, 1,021 properties have sold, marking a 32.43% increase from 771 in 2023. This significant rise in sales highlights the area’s appeal, suggesting that more families and individuals are choosing Spruce Grove as a residential destination.

Average Home Sale Price

Average Sale Price:
The average sale price in September 2024 was $445K, which represents a 9.91% increase from September 2023. On a YTD basis, the average sale price is $426K, reflecting an 8.56% increase from $392K in 2023. These price increases suggest that buyers are willing to invest in properties with the anticipation of gaining value over time.

The average ask-to-sell ratio in Spruce Grove has improved, standing at 0.996 YTD 2024, up 1.78% from the previous year. This ratio indicates that homes are selling very close to their asking prices, reflecting a strong seller’s market.

Month-to-month sales trends can reveal short-term fluctuations and indicate seasonal buying patterns, which are relevant to investors and short-term buyers.

Monthly Sales Price Comparison:
The average monthly sales price in September 2024 was $445K, a 9.91% increase from September 2023. The consistent monthly sales growth aligns with the YTD average sale price increase of 8.56%, affirming Spruce Grove’s overall upward pricing trend.

Average Days on MLS®

The average time properties spend on the market and the ask-to-sell ratio provide further insights into buyer behaviour and competition levels.

• Days on Market Until Sale:
  Properties in Spruce Grove have averaged 47 days on the market in 2024, a decrease of 25.4%. This shorter market duration indicates that homes are selling faster, often due to the area’s desirability and competitive pricing.

Reasons for Spruce Grove’s Market Appeal

Spruce Grove has become a desirable location due to several factors. The city offers a combination of suburban charm with proximity to Edmonton, strong community amenities, and ongoing residential developments that appeal to families and young professionals alike.

• Community and Infrastructure:
  Known for its parks, schools, and recreational facilities, Spruce Grove is attractive to those seeking a balanced lifestyle. Development of retail and dining options continues to enhance the city’s appeal, with convenient access to Edmonton making it an ideal location for commuters.

Implications for Buyers and Sellers in 2024

Given the market trends, both buyers and sellers can strategically position themselves for success.

• For Buyers:
  With property prices and competition increasing, buyers should be prepared to act quickly on desirable listings. Working with a local realtor knowledgeable about Spruce Grove’s market can help buyers navigate competitive offers and secure homes closer to asking prices.
• For Sellers:
  The current market conditions favour sellers who can anticipate competitive offers and shorter sale durations. Listing a home at market value or slightly above can yield high interest, potentially resulting in multiple offers.

The Growth Trajectory of Spruce Grove’s Real Estate Market

The Spruce Grove real estate market in 2024 is thriving, showing strong demand, rising prices, and favorable conditions for sellers. Buyers interested in Spruce Grove are drawn by its proximity to Edmonton, family-friendly amenities, and solid investment potential, as reflected by rising property values.

For more information on buying or selling in Spruce Grove CONTACT CHRIS REID