Stony Plain Real Estate Statistics Market Update: September 2024 

# Stony Plain Real Estate Market Analysis: A Comprehensive Look at 2024 Trends

The real estate market in Stony Plain, Alberta, is experiencing some notable shifts in 2024. This charming town, known for its tight-knit community and small-town appeal just west of Edmonton, has seen fluctuating market trends that are both intriguing and valuable for potential buyers, sellers, and investors. Here, we’ll dive deep into the year-to-date (YTD) market statistics, including sold properties, average prices, days on the market, and emerging trends.

Market Overview

Monthly Snapshot: A Closer Look at September 2024

To gain a clearer picture of the recent trends, let’s focus on some specific figures from September 2024:

1. Sales Volume: 34 properties sold, down 20.93% from September 2023.
2. Average Sale Price: Reached $349,000, reflecting a modest 0.49% increase from last year’s average.
3. New Listings: 58 properties were listed, keeping supply balanced and contributing to a steady pace of sales.
4. Ask-to-Sell Ratio: The average ratio in September remained strong at approximately 0.99, showing that properties continue to command their asking prices.

Below Graphs Are Interactive

Stony Plain Real Estate – New MLS® Listings 

Inventory levels have played a key role in shaping the 2024 Stony Plain real estate market. As of September, 463 new listings were added, a 6.05% increase from 2023. With 491 new listings YTD (up 0.49% from the prior year), the supply of homes has slightly expanded, which could offer more choices for buyers while creating a bit of competitive pressure for sellers.

However, this slight increase in listings aligns with market activity where more properties were sold this year than in 2023, which means inventory hasn’t outpaced demand. The balanced growth in listings helps ensure that buyers have options without causing a major oversupply, thus maintaining property values.

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

Sold Properties In September 2024, there were 34 properties sold in Stony Plain, marking a 20.93% decrease compared to the same month in 2023. Despite this monthly decline, the year-to-date (YTD) sales volume reflects a different trend: 394 properties were sold in 2024, a significant 24.68% increase over the 316 properties sold YTD in 2023. This rise in sales throughout the year suggests steady demand, although September’s lower sales indicate some market cooling.

The average monthly sales data gives additional insights. From January to September, the average number of properties sold per month dropped from 68 in 2023 to 53 in 2024, representing a 22.06% decrease. This monthly trend suggests some seasonal or market-specific factors at play, which may reflect changing buyer interest or a shift in inventory.

Stony Plain – Average Home Sale Price

Average Sale Price The average sale price also witnessed a healthy rise, ending September 2024 at $349,000, marking a 20.83% increase over the previous year’s $289,000. Across the entire year, the average sale price stands at $383,000 YTD, up 7.96% from $355,000 in 2023. This trend indicates that despite fluctuating sales volumes, property values remain robust, with Stony Plain’s market steadily appreciating, which could benefit both long-term investors and potential sellers looking for equity growth.

Average Ask-to-Sell Ratio In line with the positive market conditions, the average ask-to-sell ratio for properties in Stony Plain has reached 0.991, marking a 1.07% increase from last year’s ratio of 0.979. This slight increase reflects a competitive market where homes are being sold closer to their asking prices, benefiting sellers who can secure near-list-price offers. For potential buyers, this indicates a need for competitive offers, particularly in high-demand segments of the market.

Stony Plain Average Days on Market

Days on Market Until Sale An interesting shift in 2024 is the reduction in the average days a property spends on the market. Properties in Stony Plain are now selling in 42 days on average, a 56.25% decrease compared to previous averages. This quick turnover suggests a high buyer interest, possibly driven by the area’s relative affordability, the rise in average incomes, or the appeal of suburban life near Edmonton.

What These Trends Mean for Buyers, Sellers, and Investors

For Buyers

The Stony Plain real estate market in 2024 offers both opportunities and challenges for buyers. With slightly more inventory and stable sales prices, buyers have more choices in selecting properties that match their budgets. However, the shorter days on the market and high ask-to-sell ratios mean that serious buyers should be prepared to make competitive offers to avoid missing out on desirable listings.

The increase in the average sale price suggests that buyers may face rising costs over time. Hence, locking in current prices sooner rather than later might benefit buyers seeking long-term appreciation. Additionally, with the market’s stability, buyers can be confident in their investment potential, especially if they are looking at Stony Plain as a long-term residence or rental property.

For Sellers

For sellers, 2024 has proven to be a favourable year, especially in terms of achieving higher sale prices and selling closer to the asking price. The reduction in days on the market means that homes are selling faster, allowing sellers to capitalize on a motivated buyer pool. The rise in both average asking and selling prices is also beneficial, especially for those looking to maximize their returns.

However, given the slight increase in new listings, sellers should ensure their property stands out. Presenting a well-maintained home, possibly with appealing upgrades, can help in attracting top dollar offers and competing effectively with the additional listings on the market.

For Investors

With an increase in average sale prices and high market liquidity, Stony Plain remains a solid option for investors in 2024. Property appreciation is evident from the rise in both asking and sale prices YTD, providing confidence in the market’s long-term potential. The high ask-to-sell ratio and faster turnover rate suggest demand remains strong, which is a promising indicator for potential rental properties or future resale value.

Additionally, Stony Plain’s small-town charm and proximity to Edmonton make it attractive for families and professionals, a trend that may support further market growth. Investors should consider properties that offer unique features or amenities, as these are likely to attract quality tenants or buyers.

Conclusion: The 2024 Stony Plain Real Estate Market at a Glance

In summary, the Stony Plain real estate market in 2024 has shown steady growth with promising returns for sellers, stable opportunities for buyers, and potential for investors. With rising property values, a shorter average time on the market, and a balanced increase in listings, the market caters well to various real estate goals.

Whether you’re considering buying your first home, selling to capitalize on value appreciation, or investing in a stable market, Stony Plain offers a unique blend of affordability and growth potential. As always, working with a knowledgeable real estate agent can help you navigate these trends, ensuring you make the most informed decision for your needs and goals.

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.

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