Annual Sales Spruce Grove Real Estate Market Overview 2024

Annual sales Spruce Grove has experienced significant changes over the past year, with key metrics such as total listings, average sale prices, and total sales volume all showing noteworthy increases. Whether you are looking to buy or sell, understanding the trends in Spruce Grove can help you make informed decisions. Let’s dive into the key data for 2024 and compare it to the previous year.

Overview of 2024 Market Performance

In 2024, Spruce Grove saw a surge in activity across several key areas of the real estate market. Notable metrics such as the total number of listings, the average list price, total sales, and average sales price all recorded significant increases compared to 2023. The market appears robust, with higher listings, faster sales, and a larger total sales volume.

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New MLS® Listing Count

Total Listings: A Strong Increase

The total number of new listings in Spruce Grove for 2024 was 1,539, representing a 7.92% increase compared to 2023, when 1,426 properties were listed. This increase is a positive sign for potential buyers, as it reflects a more active market with a broader range of properties available. Additionally, when comparing 2024 to previous years, the growth is even more pronounced: a 12.42% increase over 2022, and a 16.06% increase over 2021.

This upward trend in listings suggests that more homeowners are choosing to sell, which might be linked to increased market confidence and rising property values. For buyers, this provides a wider selection of homes to choose from.

Average Listing Price in Spruce Grove

Average List Price: A Notable Rise

The average list price for properties in Spruce Grove has also risen significantly in 2024. The average asking price was $465,000, which marks an increase of 10.83% compared to 2023, where the average list price was $420,000. This growth in average list prices reflects the ongoing demand for properties in the area and the broader trend of increasing home values across the Edmonton Metropolitan Region.

Looking back at earlier years, the average list price has increased by 13.55% compared to 2022 and by a striking 22.95% compared to 2021. This upward trajectory is indicative of Spruce Grove’s increasing desirability as a suburban location, with more buyers willing to pay higher prices for homes in this growing community.

Annual Sales Spruce Grove

Total Sales: A Significant Boost

In terms of total sales, 2024 was a strong year for Spruce Grove’s real estate market. The total number of properties sold reached 1,243, an impressive 32.09% increase from 2023, when 941 properties were sold. This substantial rise in sales volume is a clear indication of a highly active market, with both buyers and sellers eager to engage in transactions.

When comparing 2024 to previous years, the market has shown resilience, with sales increasing by 30.16% compared to 2022 and 21.03% compared to 2021. This increase in sales volume is closely tied to the growing demand for homes in the region, likely fuelled by both local interest and migration from the greater Edmonton area.

Total Sales Volume: A Marked Increase

Total sales volume in Spruce Grove experienced a substantial increase in 2024. The total sales volume reached $532 million, a remarkable 45.47% increase compared to 2023, when the total sales volume was $366 million. This rise in sales volume is directly linked to the increase in both the number of properties sold and the average sale price.

Looking at the broader trend, total sales volume has also increased by 41.00% compared to 2022 and 38.88% compared to 2021. This growth in sales volume is indicative of a strong market, with more people buying and selling homes, contributing to the overall economic health of the region.

Spruce Grove Average Home Sale Price

Sales Prices: Positive Growth

The average sale price in 2024 also saw a positive uptick. The average sales price for homes in Spruce Grove was $428,000, which represents a 10.13% increase over 2023, when the average sale price was $388,000. The growth in sale prices is in line with the increase in list prices, as buyers are willing to pay more for homes in this competitive market.

Comparing to previous years, the average sale price has increased by 8.33% over 2022 and by 14.75% over 2021. This price growth suggests a continued upward trajectory for home values in Spruce Grove, making it an appealing market for homeowners looking to sell and capitalize on the increase in property values.

Days on Market Until Sale

Days on Market: A Decrease in Time

One of the most telling signs of a hot real estate market is the number of days a property spends on the market before being sold. In 2024, the average days on market (DOM) for homes in Spruce Grove was 58, down from 71 days in 2023. This 18.31% decrease in DOM suggests that properties are selling faster, reflecting strong buyer demand.

While the decrease in DOM from 2023 to 2024 is significant, it’s worth noting that the number of days on market has increased by 20.83% compared to 2022 (48 days) and by 11.54% compared to 2021 (52 days). Despite these increases compared to earlier years, the overall market remains relatively fast-moving, which is beneficial for sellers looking to quickly close deals.

Market Outlook for 2025 and Beyond

As we look ahead to 2025, the Spruce Grove real estate market appears to be on solid footing. The continued rise in property listings, sales, and prices suggests a strong demand for homes in the area, and the relatively fast turnover of properties indicates an active buyer base. However, potential buyers and sellers should remain mindful of the challenges that could arise, such as interest rate changes and shifting economic conditions.

For prospective homebuyers, Spruce Grove offers a variety of options, from affordable family homes to luxury properties, all set against the backdrop of a growing community with access to excellent amenities. Sellers, on the other hand, can take advantage of the rising prices and increased buyer interest to potentially secure higher returns on their investments.

Conclusion

The real estate market in Spruce Grove in 2024 has shown impressive growth across multiple indicators. With higher listings, rising prices, and increased sales volume, the market is positioning itself as one of the most dynamic areas in the Edmonton Metropolitan Region. Whether you’re looking to buy, sell, or simply stay informed, these trends are worth keeping an eye on as they continue to shape the future of Spruce Grove’s housing market.

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