What is the Fort McMurray real estate market doing in April?
This month, I've broken down the three different segments of the market to include Single Family homes, Mobiles and Condominiums. To access the information you are most interested in, follow the links below:
What's happening to the mobile home market in Fort McMurray?
The mobile sector is showing signs of improvement from last year but there is still a lot of pressure on the sector. We have fewer homes on the market this year and sales are definitely higher. Last February for example, only one mobile sold in comparison to 12 this year. However, with 83 listings and at the current rate, it would take 10+ months for everything to sell. Anything above six months is considered a buyers market.
Conclusion: An improvement? Absolutely. But pressure remains and prices will likely continue to reflect the high competition between sellers.
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What's happening to the condo market in Fort McMurray?
While 2017 sales have outpaced those in 2016, the condominium market is still lacking activity moving into spring. Sales increased fairly dramatically in February which could be because of companies buying condos to house their employees for the rebuild. However, since that time, sales have slowed again. Average prices crept up in March because of the increased activity in February but it looks as though that will be short lived.
We have 183 listings which is 12% less than last year. At the current rate of sales and if nothing else were listed, it would take 8 months for everything to sell. 3-6 months is considered a balanced market but we aren't far off that now. This time last year we
Whats happening to the single family homes in Fort McMurray?
We've seen a 28% increase in sales the first three months of 2017 in comparison to last year and it looks to continue. We already have 31 firm sales in April which is what we saw in the entire month last year. On top of that, we have 31 homes currently under offer which means we'll likely break past 60 sales again. The number of homes on the market has increased from last year by 9% but with the higher number of sales, our months of inventory has fallen from 16 to 8 which is a marked improvement.
Average listing prices fell to their lowest levels in November and have slowly been creeping up since that point.
Conclusion: Head and shoulders above 2016. Improved activity but not to