"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."
"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
Fort McMurray Real Estate – Your May Market Update
May has nearly come and gone! For obvious reasons, we aren’t able to compare activity this month to May last year. What I can tell you is that sales continue to show signs of strength, possibly gaining in momentum for the next month or so. Currently there have been 51 firm sales in May with a further 44 conditionally under offer. These numbers mean that May will almost certainly be the busiest month this year to date.
Average prices are creeping up as they often do during the busy months but they will likely stabilize moving into summer. The pace of new listings remains fairly consistent and using a three month average, our inventory has eight months of supply. If we see sales
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