In its June update, Fort McMurray Realtors® said sales and new listings went on a downward trend.
This comes after a growth the region saw in both areas, particularly in the spring, amid a cooldown in Canada’s real estate market.
The ratio of sales-to-new listings is below 60 per cent, while supply in Fort McMurray rose to four months.
“This reflects the most balanced conditions seen in the market since the end of last year. Recent gains in lending rates are likely contributing to some of the pullback.”
Realtors® said it price pressures will begin to ease during these balanced conditions.
The total residential average price for June is just over $400-thousand, thanks to a 1.2 per cent drop year-over-year.
In its report, Realtors® pinned the decline on the significant rise in lower-priced mobile home sales in 2022.
“The decline in the mobile prices was offset by gains in the higher density product and single-family detached homes leaving the year-to-date average residential price two per cent higher than last year’s levels.”
The average sale price of a single-family detached home in Fort McMurray stands at $536,533
That’s a 0.7 per cent increase compared to June of last year.