Fort McMurray Realtors® released its July update on the local real estate market.
In its monthly update, they said sales activity “eased” when compared to last year’s averages and over the long-term.
However, total residential sales year-over-year for the month dropped by more than 28 per cent.
Realtors® specifically addressed this drop.
“While the decline was fairly significant this month, it has not offset the exceptionally strong gains made earlier in the year. On a year-to-date basis, sales activity reached 882 units, just over six percent higher than last year and well above levels reported throughout 2015-2020.”
Realtors® also said new listings are trending down, but the 187 in July is an increase of 13 per cent year-over-year, and 19 per cent higher this year-to-date.
Despite the pullback, inventory levels increased with 414 total units in 2022 and more than six months of supply.
“Higher inventory levels and slower sales caused the months of supply to push up to six months in July, the first time it has done that since of end of 2020.”
No telling what the future may bring in Fort McMurray real estate market, following a tumultuous six month period nationwide.
The average price of single-family detached home sold in July is more than $532-thousand, which represents an increase of nearly five per cent year-over-year.
“Overall, despite some monthly fluctuation, year-to-date average prices remain just higher than last year’s levels.”
Fort McMurray townhomes sold for nearly $218-thousand, and apartments at almost $115-thousand, for year-over-year increases of 32 and 43 per cent, respectively.