Fort McMurray’s August Market: More Sales, Fewer Homes to Choose From 🏡

August’s real estate numbers are in, and there’s one part of this month’s report that really caught my attention:

We had more homes selling… with a whole lot fewer homes available to buy.

August saw 116 residential sales, which is up 8.4% compared with last year. At the same time, inventory dropped by more than 25%, leaving just 315 homes on the market at the end of the month. That pushed our months of supply down to 2.72 months , 31% lower than this time last year. 

In plain English? Buyers have fewer choices than they did a year ago, while more properties are actually selling.

And we’re starting to see that tighter inventory reflected in prices.

The average residential sale price in August was $399,590, up 5.6% year over year. Year-to-date, prices are up a more moderate 3%, with apartments and semi-detached homes seeing some of the strongest price growth so far this year.  

But, and this is always the important little asterisk, that does not mean every Fort McMurray home suddenly gained 5.6% in value.

Real estate is much more specific than that.

Different neighbourhoods, price ranges and property types can behave very differently. In fact, August's numbers show exactly that: detached homes averaged $475,992, semi-detached homes $385,600, row homes $263,290, and apartments $149,734.

So what does this mean for you?

If you're thinking about selling:Having 25% less inventory than we had last August means there may simply be fewer homes competing with yours. Pricing and presentation still matter (they always do!), but this is definitely a number worth paying attention to.

If you're thinking about buying:This isn't a reason to panic-buy , I will never be the REALTOR® telling you that 😂 but it is a reason to be prepared. When inventory is tighter, having your financing figured out and knowing what you're looking for can make the process a whole lot less stressful when the right house shows up.

And if you're doing absolutely nothing?Then this is just your monthly dose of “huh… that's interesting.” 😂

I've attached the full August market report if you'd like to nerd out over the numbers with me.

And as always, if you're curious about what these numbers actually mean for your house, your neighbourhood, or the kind of home you're hoping to buy, just hit reply. I'm always happy to dig into it with you , no sales pitch required.

Talk soon,

AleahaREALTOR®

| eXp Realty

Rooted in Community, Driven by Heart.