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Realtors® report dent in October housing sales

Image supplied by Fort McMurray Realtors®

Fort McMurray Realtors® charted sales during the month of October ground to their lowest levels since 2017.

A total of 70 units were sold, including single-family detached homes, for a 32 per cent drop year-over-year.

The agency pinned the decline on higher lending rates and a weak employment market, impacting demand.

“However, recent pullbacks in sales have not entirely erased early gains in sales, as year-to-date sales remained comparable to last years levels.”

In terms of new listings, there are 134 units across the region, including 74 single-family detached homes, and 23 apartments.

Despite the pullback, Realtors® found inventory still trended upwards with at least seven months of supply.

The total residential average price over the year-to-date stands at $393,402, for a drop of over one per cent.

Realtors® found the mobile sector helped drive down prices as the property type saw a year-over-year decline of 15 per cent in the average price.

“Shifts in market balance are likely contributing to some of the recent downward pressure in prices. Some of the price declines could be related to some compositional shifts as there was a greater share of activity occurring in the lower price ranges.”

In October, single-family detached homes are priced at an average of $548,732 over the year-to-date.

Townhomes were also priced at nearly $230-thousand, and apartments sold for around $118-thousand during that time.