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Easing sales in October linked to dramatic decline in supply levels

Last Updated Nov 4, 2020 at 5:00 pm MDT

IMAGE. Supplied by Fort McMurray REALTORS®.

Fort McMurray Realtors® released its housing report for October.

The agency said the total 78 sales that month contributed to the year-to-date decline of 11.6 per cent.

Inventories reached 367 units for the lowest month of October in almost two decades.

Ann-Marie Lurie from the Alberta Real Estate Association (AREA) said market conditions are the tightest seen since before the economic downturn of 2014.

“Tighter conditions are starting to support some improvements in prices. However, it is not enough to offset earlier pullbacks as year-to-date the average price remains three per cent below last year’s levels.”

The price of single-family detached homes averaged at $501,490.

Realtors® sold 49 of this property type and listed 71 new units.

While there are 231 single-family homes in inventory, this is down 30 per cent year-over-year.

AREA noted almost five months remaining of supply for 2020.