Spruce Grove Real Estate Market Statistics – October 2024

The real estate market in Spruce Grove has seen dynamic growth throughout 2024, with data revealing positive trends in sold properties, average sale prices, and other metrics that illustrate a competitive and appreciating market. As we examine these trends, it becomes clear that Spruce Grove continues to attract homebuyers and investors, with key indicators pointing toward robust demand and rising property values. Here, we’ll break down each major aspect of the market based on the latest data, providing insight into what’s driving these changes and what they mean for buyers, sellers, and investors.

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New MLS® Listing Count

Increased Listings but Tight Inventory

The number of new listings has also grown, suggesting a higher inventory to meet increasing demand, which helps keep the market competitive and offers more choices for prospective buyers.

• YTD 2024: New listings in Spruce Grove reached 1,390 in 2024, an increase of 22.33% from 1,254 in 2023. This growth aligns with the trend of increased sales, indicating a balanced market with a steady influx of properties available for purchase.

This steady flow of listings keeps the market moving and provides a balance between supply and demand, making it an attractive environment for both buyers seeking options and sellers aiming to capitalize on demand.

Average Listing Price in Spruce Grove

Price trends have shown considerable growth in Spruce Grove over 2024.

• Average Asking Price: The average asking price YTD in 2024 stands at $496,000, reflecting a 16.7% rise from 2023. In October, the asking price averaged $461,000, up from $418,000 in 2023, a gain of 10.32%. These increases suggest strong seller confidence and buyers’ willingness to meet higher price points, likely due to Spruce Grove’s desirable community features and proximity to Edmonton.

Spruce Grove Home Sales

Increase in Sold Properties: Demand on the Rise

One of the standout aspects of Spruce Grove’s real estate market in 2024 is the significant increase in sold properties. Year-to-date (YTD) data shows a total of 1,119 properties sold, a notable 34.17% increase compared to 834 properties sold in the same period in 2023. This upward trend reflects heightened demand in Spruce Grove, suggesting that more buyers are choosing this community as their preferred location.

• October 2024: In October alone, there were 98 sold properties, marking a 55.56% increase from October 2023. This jump highlights seasonal strength in the market, possibly fuelled by factors like increased consumer confidence and favourable conditions for real estate investment.
• Monthly Basis: While the YTD 2024 increase is significant, it’s essential to note that there has been a slight dip in the monthly average compared to the previous year. Monthly sales fell from 71 in 2023 to 57 in 2024, representing a 19.72% decrease. This could indicate a tighter inventory or the impact of recent interest rate hikes.

Average Home Sale Price

• Average Sale Price: Similarly, the average sale price has experienced an upward trajectory. In October 2024, the average sale price reached $428,000, a 13.18% increase from October 2023. YTD, the average sale price for 2024 is $426,000, marking an 8.90% increase from $391,000 in 2023. This rise demonstrates the ongoing appreciation of property values and a competitive buyer landscape.

Ask-to-Sell Ratio: Strong Buyer-Seller Dynamics

The average ask-to-sell ratio provides additional insight into the market’s competitiveness and pricing dynamics. A higher ratio suggests that sellers are getting closer to their initial asking prices, which is often a sign of a seller’s market.

• Ask-to-Sell Ratio: Spruce Grove’s ask-to-sell ratio in 2024 stands at 0.991, up by 1.16% compared to 2023’s 0.95. This increase indicates that sellers are achieving near their asking prices, a testament to robust demand and limited buyer negotiation power in a competitive market.

Days on Market Until Sale: A Faster-Paced Market

One of the most telling metrics of a hot real estate market is the average number of days a property remains on the market before it sells. In Spruce Grove, properties are selling more quickly in 2024 compared to previous years.

• Days on Market: The average number of days on the market until sale has dropped to 44 days in 2024, a significant 31.25% decrease from 2023. This accelerated pace reflects a heightened interest from buyers and less hesitation in making purchase decisions. Quick sales often indicate that properties are priced appropriately and meet buyer demand, further underscoring Spruce Grove’s appeal.

The Spruce Grove real estate market in 2024 presents a picture of growth, stability, and opportunity. With rising prices, increased sales, and quick turnover, it’s clear that the community is highly sought after by both buyers and investors. The year-to-date trends indicate a strong seller’s market, where demand outweighs supply, leading to rising property values and a competitive buying landscape.

Looking ahead, if these trends persist, Spruce Grove’s market will likely continue to appreciate, making it an attractive investment location. Buyers looking to enter the market should act swiftly, while sellers can feel optimistic about maximizing their property values.

Overall, Spruce Grove’s thriving real estate scene reflects broader market trends, with a growing population and economic stability sparking demand. As more people recognize the benefits of this community, the market dynamics are expected to remain positive, ensuring a bright future for Spruce Grove’s real estate market.

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