Fort McMurray Real Estate News for May 2021
From the information prepared by AREA for the Fort McMurray area.
Continued tight market conditions are supporting upward price pressure in the detached home segment of the market.
We’re also seeing the tightest level of supply “recorded in May in nearly a decade”.
From the Fort McMurray Area_short May 2021…
May sales activity continue to remain strong relative to activity recorded over the past five years. While seasonally adjusted figures did show sales trended down in May relative to last month, so did new listings, keeping the sales-to-new-listings ratio relatively high at 70 per cent. This did little to add to the inventory in the market, which at 408 units is the lowest May levels recorded
since 2007. While the months of supply did trend up from the low levels reported over the past few months, at three months of supply, it is still at the tightest level recorded in May in nearly a decade.
The tighter market conditions are supporting some of the upward price pressure in the market. However, this mostly is occurring in the detached segment of the market. Some of the price gain could be related to a rise in higher priced home sales. Last year homes priced over $600,000 only reflected 12 per cent of all the sales, compared to the 18 per cent that we are seeing this year.