Fort McMurray Real Estate News for October 2021
From the information prepared by AREA for the Fort McMurray area
Thanks to a boost in detached homes sales, October was a strong month of sales, contributing to the best year to date total sales seen in the region relative to the past six years. Some of the improvement in sales could be related to the rise in new listings compared to last year. However, the pace of growth in new listings was not enough to outpace the sales. The sales to new listings ratio rose to 78 percent while inventories trended down compared to the previous month.
With only 391 units on the market and 103 sales, the months of supply dipped to under four months. While this is not as tight as levels recorded in the spring, it is the lowest level seen in October since 2007.
The tighter market conditions are supporting some price gains this year. However, year to date average price gains of more than six percent in both the detached and semi detached sectors have been nearly entirely offset by pullbacks in the row and apartment property types. This leaves total residential prices only three percent higher than last year and still far from recovery.