Realtors® release end of year housing report
Fort McMurray Realtors® noted a nearly five per cent slide in sales activity in the second half of the year-to-date.
There were 52 total residential sales in the month of December 2022 for a 30 per cent drop year-over-year.
Those sales include 20 single-family detached homes.
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Realtors® said the 86 new listings for the month, which showed an increase of 18 per cent to close out 2022.
“While December did see a pullback in new listings, generally strong listing growth this year has been causing inventory levels to rise relative to the low levels seen last year.”
The local housing market is showing more than seven months of inventory or 388 units.
As inventories rise, Realtors® found they observed a shift from sellers’ market conditions reported early in 2022 to conditions favouring buyers.
“While some of the shift was caused by rising lending rates, there has been recent job losses in the area that has weighed on housing demand. The shifts in the market weighed on residential prices which reported an annual decline of over two per cent.”
The housing experts pinned the losses on mobile homes.
The average price for that property type is $230,749, showing a 17 per cent decline year-over-year.
Realtors® noted the highest gains last month were in sales of townhomes and apartment condos at increases of 19 per cent and 15 per cent, respectively.
In December, single-family detached homes in Fort McMurray sold on average at $544,606 for a year-over-year average of around one per cent in 2022.