Spruce Grove Real Estate Market Statistics – July 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

The number of new listings in Spruce Grove has remained relatively stable, with a slight decrease of 0.76% YTD 2024. There were 130 new listings in July 2024, compared to 917 new listings YTD 2023, marking a 9.27% increase.

The stable number of new listings indicates a balanced market where supply is keeping pace with demand. This balance is crucial for preventing excessive price inflation and ensuring that buyers have a variety of options to choose from.

Average Listing Price in Spruce Grove

The average asking price for homes in Spruce Grove has also seen an increase. As of YTD 2024, the average asking price is $436,000, which is a 2.38% increase from the previous year. In 2023, the average asking price was $418,000, reflecting a 9.05% increase from the year before.

Spruce Grove Home Sales

The number of sold properties in Spruce Grove has seen a substantial increase in 2024. In July alone, there were 127 sold properties, marking a 19.81% increase from July 2023. Year-to-date (YTD) figures for 2024 also reflect this upward trend, with 808 sold properties compared to 604 in 2023, representing a 33.77% increase.

This surge in sold properties indicates a robust demand for real estate in Spruce Grove. The city’s appeal to buyers can be attributed to its growing amenities, improved infrastructure, and the overall quality of life it offers. The increase in sold properties also suggests a healthy market where buyers are confident in making investments.

Analyzing the monthly trends provides further insights. In the first half of 2024, there were notable fluctuations in the number of properties sold:

• January: 110 sold properties
• February: 96 sold properties
• March: 79 sold properties
• April: 153 sold properties
• May: 164 sold properties
• June: 113 sold properties

The spike in sales during the spring months, particularly in April and May, is typical of the real estate market as the warmer weather and the end of the school year encourage families to move. This seasonal trend highlights the importance of timing in the real estate market, both for buyers and sellers.

Average Home Sale Price

The average sale price in Spruce Grove has shown significant growth. In July 2024, the average sales price was $429,000, an 11.27% increase from July 2023. YTD 2024 figures reveal an average sales price of $423,000, up 8.57% from 2023.

This consistent increase in sales prices reflects the strong demand and competitive nature of the market. It also indicates that sellers are successfully closing deals close to or above their asking prices.

The monthly sales price trends highlight the market’s dynamics:

• January 2022: $372,000
• July 2022: $377,000
• January 2023: $355,000
• July 2023: $360,000
• January 2024: $409,000
• July 2024: $429,000

The significant jump in prices from January 2024 to July 2024 underscores the accelerated market activity and the increasing value of properties in Spruce Grove.

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.

Average Days on MLS®

The average number of days on the market until sale has decreased significantly. In 2024, properties in Spruce Grove are selling faster, with an average of 56 days on the market, down from 74 days in 2023, a decrease of 30.86%.

The reduction in the number of days properties spend on the market suggests a highly competitive environment. Buyers are acting quickly to secure properties, often leading to multiple offers and bidding wars. This trend is a positive indicator for sellers, as shorter selling times typically correlate with higher sale prices.

The Spruce Grove real estate market in 2024 is characterized by a significant increase in sold properties, rising average asking and sale prices, stable new listings, and a decrease in the number of days properties spend on the market. These trends indicate a robust and competitive market, driven by strong demand and the city’s overall appeal.

For buyers, this market presents opportunities but also challenges, as competition is fierce and properties are selling quickly. For sellers, the current market conditions are highly favourable, with homes selling close to asking prices and often within a short timeframe.

As we move forward, it will be essential to monitor these trends and factors influencing the market to make informed decisions. Whether you are looking to buy, sell, or invest in Spruce Grove, staying informed and working with knowledgeable real estate professionals will be key to navigating this dynamic market successfully.

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

City of Spruce Grove Website