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Realtors® says housing market marching to strong beat

IMAGE. Supplied by Fort McMurray REALTORS®.

Fort McMurray Realtors® announced another strong month for the local housing market, despite low inventory.

Single-family homes sales increased by more than 51 per cent compared to last year.

Already low inventory in this property type shrank again by at least 11 per cent to 251 from 283 back in 2019.

The average sale price held steady at $525,547 compared to February 2019’s price of $532,759.

Realtors® suggests owners contact them and get ready for the spring market.

To date, sales this year increased by 67 per cent over last year’s figures.

Sales in duplex homes are also up by 60 per cent so far in 2020 over last year.

For the month, duplexes saw the biggest drop in average sales price by almost 32 per cent from $484,147 a year ago to $330,056.

Townhomes in Fort McMurray trended downwards last month in sales by almost 58 per cent, and new listings by nearly 67 per cent, respectively.

Inventory for townhomes dropped by about 19 per cent as well.

Decreases in inventory affected sales of apartment condos.

In February 2020, sales dropped by half as inventory fell by more than 21 per cent compared to 2019 numbers.

Finally, mobile with land sales in February increased by 12 per cent compared to this time last year.