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Inventory levels hit near record lows for the month of August

Last Updated Sep 3, 2020 at 2:15 pm MDT

IMAGE. Supplied by Fort McMurray REALTORS®.

Fort McMurray REALTORS® reported a 13 per cent decline in year-to-date sales in August, following two months of improvements.

This is due to the pullback on inventory levels at 447 units, the lowest recorded for the month of August since the early 2000s.

Supply for the remainder of the year sits at almost five months.

REALTORS® said that’s a significant improvement over the last six months of 2019.

Despite shifts in the real estate market, the region’s unemployment rate and uncertainty factored into pricing.

Wood Buffalo lost 13,000 jobs since last year and the average price of single-family homes sold in August is $476,480.

That’s a 6.8 per cent increase in the price for single-family homes year-over-year.

The average sale price for all residential units sold last month of $361,971.