Real Estate Market Statistics Spruce Grove November 2024

The real estate market statistics for Spruce Grove real estate market for November 2024 is one of the most dynamic markets in the Edmonton area. Whether you are a prospective homebuyer, a real estate investor, or simply keeping tabs on market trends, this update offers a comprehensive overview of key indicators that define the current state and future trajectory of Spruce Grove’s property landscape.

The Spruce Grove real estate market has exhibited remarkable growth over the past year, underscored by several positive trends across various metrics. Let’s delve into the specifics to better understand what these numbers mean for you.

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New MLS® Listing Count

While most indicators show positive growth, the number of new listings in November 2024 has seen a decline of 17.17% compared to the previous year, with only 82 new listings. This reduction could be a result of limited inventory, which is a common trend in thriving real estate markets. However, the year-to-date figures show a more stable scenario, with 1,472 new listings, up by 8.80% from 2023. This suggests that while monthly fluctuations occur, the overall listing activity remains healthy.

Average Listing Price in Spruce Grove

The average asking price in November 2024 stood at $485,000, up by 13.87% from the previous year. These figures illustrate a robust appreciation in property values, offering a lucrative opportunity for sellers and a crucial insight for buyers preparing to enter the market.

Spruce Grove Home Sales

One of the most significant indicators of the health of a real estate market is the number of properties sold. In Spruce Grove, the total number of sold properties reached 68 in November 2024, marking a 3.03% increase from the previous year. Year-to-date (YTD) figures are even more impressive, with 1,187 properties sold in 2024, which is a substantial 31.89% increase compared to 2023. This uptick in sales volume is a strong signal of growing buyer interest and an increasingly competitive market environment.

Real Estate Market Statistics Spruce Grove Average Home Sale Price

his increase is consistent with the trend observed in average sale prices, which saw a 23.20% rise to $444,000 in the same month, compared to November 2023. The year-to-date average sale price also rose to $427,000, reflecting a 9.80% increase from the previous year. 

The average ask-to-sell ratio in November 2024 was 0.989, showing a slight increase of 1.24% from the previous year. This ratio, which measures how close the final sale price is to the asking price, indicates that sellers are achieving nearly their full asking price, signifying a seller’s market where buyers are willing to meet the terms set by sellers.

Days on Market Until Sale

Another key aspect of market dynamics is the average number of days properties stay on the market before being sold. In Spruce Grove, homes are selling faster, with the average days on market until sale dropping to 62 days in November 2024, a reduction of 17.33% from 71 days in 2023. This decrease in days on market is indicative of a more fluid market where properties are moving quickly, often due to competitive bidding and high demand.

The real estate market statistics in Spruce Grove is characterized by robust growth, increasing property values, and a competitive environment that benefits both buyers and sellers. Whether you are looking to invest in residential properties, sell your home, or find a new place to call your own, understanding these trends can greatly assist in making informed decisions.

As we move towards 2025, the momentum seen in the Spruce Grove real estate market suggests continued opportunities for growth and investment. Prospective buyers should be prepared for a competitive market, and sellers can expect continued interest in their properties. 

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