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Local housing market lower amid seasonal trends

Image supplied by Fort McMurray Realtors®.

Fort McMurray Realtors® said sales in February continue to decline year-over-year.

The group said new listings have gained in the last month by more than five per cent.

Despite the gains, inventory levels are still below what was seen before the pandemic.

“As the monthly gain in sales outpaced the monthly growth in inventories, the months of supply did ease compared to the elevated levels experienced over the previous six months. Should this trend continue, we could see some of the recent downward pressure on prices ease.”

In February, the average price of a single-family detached home was $498,167.

That’s a six per cent drop compared to this time last year.

“After the first two months of the year, the average price [for total residential sales] has declined by eight per cent.”

The average sale price for apartment in the same month rose by 29 per cent to $121,680, while the price for semi-detached homes tumbled on average by 31 per cent to $269,050.