Fort McMurray Real Estate News for September 2021
From the information prepared by AREA for the Fort McMurray area
Following several months of exceptionally tight conditions in the city, we see some signs of shifts occurring. Unlike earlier in the year, sales activity in September resembled levels consistent with activity recorded over the previous four years. However, like last year, some of this is related to the lower level of new listings coming onto the market.
While new listings remain relatively low, there are some signs of gains compared to activity seen both last month and last year. This helped support a rise in inventory levels this month.
Slower sales and the improvement in inventory levels have pushed up the months of supply to over five months, the first time since the end of last year. If this continues, this will likely take off some of the upward pressure on prices. However, conditions continue to vary significantly depending on product types. City wide year to date average prices have improved three per cent this year. However, detached home prices have risen by eight per cent, with stronger gains occurring in the most affordable price range.