September 2018 Fort McMurray Market Update: A Normal Fall?
By Tom Albrecht | Oct 02, 2018 | Buyers
What Did September Mean for Fort McMurray Real Estate?
Fort McMurray's real estate market is constantly changing, and the constantly updated MLS® does a good job of recording these statistics every month. Buyer agent (and A-Team leader) Tom Albrecht takes a look at the data and shares his thoughts:
Following is the transcript:
It's October the 2nd, believe it or not, so I figured I'd give you a market update!
We had a busier summer than last year; about 15% busier, for sales, but September was more in line with previous years. So it seemed like a bigger slowdown than normal, but sales volumes right now are actually seasonal.
On the market, we have 6.8 months of inventory. That is, for every property that is selling, we have about seven currently listed for sale. That's normal for a balanced market.
The other important metric we track is the new listings to sales ratio which is 2:1, which, again, is a perfect indicator of a balanced market. Prices tend to stay fairly stable in this market type, so let's see if that's the case!...
In general, prices are stable, however, higher-priced homes, we think are still seeing some value declines. The other exception to the rule is lower priced townhomes and apartments (generally with condo fees). We are keeping our eye on rebuilds, as there is likely to be an influx of inventory as those developments get completed. So, we'll keep track of that for you and see what happens to inventory in that part of the market for you.
We have far fewer properties on the market this year versus last year: Approximately 616, versus 842 in Sep of last year (-27%). However, that number is stable now (no longer falling other than for seasonal reasons).
In summary: Stability is the name of the game right now.
A little update about The A-Team this year. Proud of the team to say that we have 161 pending/sold transactions so far this year, and last year we helped 165 people buy or sell. We have 6 agents who specialize either in selling homes for top dollar, or as really powerful buyer's agents. So if you know anyone who is looking to buy or sell, please have them get in touch so we can look after them like family.
Thank you for watching, and if you have any questions, leave them in the comments, or message me for a private discussion.
Disclaimer: The A-Team is a team of associates at Walsh Real Estate (2010) Ltd o/a RE/MAX® Fort McMurray, 9919 Biggs Avenue, Fort McMurray, Alberta, T9H 1S2. Each office is independently owned and operated. The licensed associates are Tom Albrecht, Breanna Albrecht, Denise Hildebrand, Aaron Chalmers, Heather McCandless, and Rita Sobkowich. Eric Dunham, mortgage specialist with RBC®, is not affiliated. We also recommend Amanda Stuart at TD Bank® and Mariam Fawaz at Mortgages for Less®.
Licensed and Regulated by the Real Estate Council of Alberta.