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New listings buoy Fort McMurray real estate market

Last Updated Jun 7, 2022 at 9:53 am MDT

Image supplied by Fort McMurray Realtors®

Fort McMurray Realtors® released its long-awaited real estate update for May.

The cooling housing market, as seen in other parts of the country, contributed to downward trends in sales activity.

However, the agency said levels in May were better than at this time last year, leading to the year-to-date sales growth of 18 per cent.

In a statement, Realtors® credited steady gains in new listings for the improvement in sales.

“The growth in new listings was enough to support gains in inventory levels. While May inventory levels are over 17 per cent higher than levels reported last year, they remain over 30 per cent lower than long-term trends for the area.”

The bump in inventory means there are just over three months of supply available in the local market.

Realtors® said these are still the tightest inventory conditions since 2011.

READ MORE: Fort McMurray inventories tighten amid cooling housing market

Figures from the Alberta Real Estate Association (AREA) show a single-family detached home in Fort McMurray in May is priced at $565,847 on average.

That represents a 2.6 per cent increase year-over-year.

There are also 166 new listings of that property type, which is 54 per cent higher than levels from May of last year.

In May, apartment sales were 25 per cent higher compared to 2021 at more than $156,000.

AREA also found many more new townhomes during the month at 31 for a year-over-year increase of 182 per cent.

The average price stands at $258,000, which is an eight per cent increase compared with last year.