August 2019 has come and gone, and it brought with it some interesting developments in Fort McMurray's housing market scene. The field looks to be stable, but condos and mobile homes seem to be falling. Full story in the video!
TRANSCRIPT FOLLOWS:
Hi there! it's Tom Albrecht here with the A-Team of RE/MAX Fort McMurray on a mountain on my walk super warm day. September the 16th is today's date. So, what has the market been doing? You'll want to get up to date with our blog series, especially our
Fort McMurray housing price blog. That's one we published about two months ago now, which you find on our website. But in a nutshell the answer is: they're stabilizing, but its kind of depends what you’ve got. Prices are not going up at this time.
We don't really expect that they will go up significantly. There's certainly stabilizing for many property types. I think if we look at the average selling price of townhomes, apartments and duplexes this year versus last year, they're pretty stable. Now that doesn't necessarily mean that if you have a duplex, it hasn't fallen. It just means the duplexes that have been selling this year, have been selling for on average more than what duplex, the duplexes that sold last year.
So, that means if there are different sets of duplexes, it doesn't necessarily mean that prices aren't falling. But when you start to talk like that that's kind of how you know. I think we're in the fine-tuning here, falling this very slightly. So, actually, all property types except mobiles and single-family homes appear to be fairly stable at this point. There's quite a lot of demand for townhomes, apartments and duplex. Mobiles, weirdly enough, we're actually seeing the average sale price for mobiles this year is still higher than the average price for the ones that sold last year.
Now that could be that more new ones are selling. So, you know we don't want to judge it too much but that's kind of it very interesting to me. Single-family homes are still falling and still fairly rapidly. Especially the more expensive ones still coming into adjustment. The shape of demand exposes for single-family homes really changed. A lot of people got out of single family homes into other property types over the last few years. So, we're definitely still seeing a big adjustment, even the lower price changes this weird like with lots of demand and low price changes, but there's lots of supply to you.
There's actually one last thing that I forgot, which is that very recently we've started to hear that condominium cooperation insurance rates are starting to go up. So, premiums and deductibles and I mean now of at least one case here already where that's being passed on to the owners in terms of a higher condo fee. So, that's a change that from our understanding is not in anyone's control around here.
So, I think it's a potentially a really important change because if we do see condo fees increasing kind of across the board, then that's likely to impact demand for condos and possibly demand for other types of properties, if people substitute into those. We're watching that one really carefully.
If you have questions please feel free to reach out. You'll maybe want to go look at some of our other videos to get to grips with what's been happening over the last year. I have been posting these videos; I think this is the seventh one in the last year. So, check it out and see what you think. If you have questions please give us a shout. We are the number one team in in Fort McMurray we really do care and that's by sales volume in 2018.
We're here to help you. If you want to sell your home for as much money as possible, that's what the listing agents do. My wife and Aaron, they're, I think, the best realtors in town at doing that. You see them on Facebook and YouTube etc. If you're looking for a really good deal on a house, there's four of us buyers agents. That's all we do for a living. We are specialists and we love helping.
Feel free to reach out. If you have questions, you can put them in the comments or message us. Thank you.