January statistics shows some positive news for the Fort McMurray real estate market year-over-year. Single family detached sales has increased by over 88% compared to January 2019 and inventory is 17% lower in the single family detached market.
We did see prices decrease from $531,600 to $506,607 (January 2019 to January 2020) in the Single family detached sector but this number is higher than the $451,714 for December, 2019
Please see statistics below for all sectors and contact us with any questions that you have
"There are some good things to note in the December Statistics in the Fort McMurray real estate market. Single family home sales were up 52% over last year at the same time.
YTD SALES Highlights: Avg single family home price down 7% Condo Apt sales up 30% Townhouses sales up 20% Mobile Homes with land: sales up 12% and inventory was down 20% Vacant Lot sales down 65%, inventory down 38% & price up 12%
Single family homes inventory is currently the lowest it’s been since December 2009. It could be good time to get your home on the market."
November was a little busier this year when compared to the same month last year in Fort Mac.
We saw a slight decrease in the number properties sold when compared to last month, however that is quite normal for this time of year.
The overall total number of sales for the year has decreased a little over 2% and the average single-family sale price is down just over 8% compared to last year.
The biggest changes we saw from last year was townhouse, apartment, and mobiles with land sales. In each of these categories we saw double the amount of sales when compared to the same time last year.
Contact us with any questions
"This month we have seen a slight increase in the number of sales from single family homes, townhomes and apartments however, the overall number of sales are down 5.26% this month. Prices are still on the decline with townhouse units seeing the biggest drop this month at over 20% when compared to the same time last year. Overall new listings are up slightly from last year resulting in higher inventory levels. Our average, single family home price is down just over 6% from last year." See below for more details
As many of you might already know, Joelle and I have recently made the very large decision to start a new adventure together. We were married in Halifax nearly 18 months ago and since that time, we’ve had a feeling that one day we would call Halifax our home. A place nearer Joelle’s family in New Brunswick and my grandparents in England. That day it appears, has come much sooner than we first imagined. It is with mixed emotions, that we are saying good bye to Fort McMurray.
We want to make it extremely clear that this decision does not come because we doubt strength of our city to recover economically and from the disaster of the fire. We are leaving to pursue a new challenge and to be closer to those who will need us more, day by day.
As of October 1/17, new real estate measurement standards have been put in place which will change the advertised square footage of many properties. Over the past several years, there have been numerous court cases relating to the square footage of property and its value. Cases where a buyer finds out their new house is actually 200 square feet smaller than they thought, for example. When the courts asked the Real Estate Council to provide their standards of measurement for residential properties, they did not have one. The courts then mandated they develop a standard and enforce all members of the industry to abide by it. The goal, to create consistent measurement practices across the province that buyers and
The equally short answer is yes, it was. Since our slump started in 2015, we would usually see two months in the year where sales were stronger than the rest. I had anticipated the same this year, but June fell substantially short of May numbers. In fact, sales dropped by 30%. This almost certainly means we will not see a recovery in prices this year (not that we really expected that, anyway).
The Bigger Picture
For some overall perspective, there have been 374 single family sales in 2017 to date. Coincidentally, the first six months of 2015 saw that exact same number. All things considered in 2016, it fell short at 183 sales over the same period. So, we have a dramatically improved market from 2016 and one comparable to 2015. Prices
If you are planning to sell your property, wait before you do so. Many homeowners plan to sell their property that is not in use or before shifting to a new one. What they fail to understand is that they can put their property on rent and earn profits. There are various advantages and disadvantages of owning a rental property in Fort McMurray. Here are some pros and cons:
Pros of Owning a Rental Property
Additional Recurring Income
Along with your main income, giving your additional property on rent can give the advantage of earning more income. This can be your alternate, passive income that you can use for a number of purposes. The rent of your property can act as the return value of the purchase price that you invested.
If you are trying to sell your house, you already know how competitive the market is. Attracting home buyers is the first step of the home selling process. There are a number of ways to attract potential buyers to your home.
Be a part of the Online Listing
The first thing to start with is to use the Internet and be present on all the leading online real estate listings and classifieds in your region. These listings and classifieds can be powerful tools for attracting potential home buyers. Create a listing that provides all the possible information that the home buyers would look for. Don’t hesitate to share information of your locality, the current real estate pricing, and the public transportation near your house. Also, let potential buyers