Fort McMurray Real Estate Market Overview: February 2016

Fort McMurray has proven once again it is a resilient city that can weather tough economic times.  Residential real estate is typically one of the first markets under the microscope when there is a change in a city’s economic state.  In February, the Fort McMurray real estate market demonstrated buoyancy in median sale prices when compared to the original list price.  As has been the trend during the period from November to present, median sale prices have been higher than original median list prices. 

Median sale prices from single family homes, condominiums, and mobile homes remained healthy at $550,000.  While this is down slightly from January, median sale prices in February were stronger than those in September and October.  This is no small feat for this time of year!  Regardless of additional economic factors, we typically see a slight decrease in sale prices during winter months. 

On average, homes for sale in Fort McMurray did spend more days on the market during the month of February when compared to January.  When looking at days to sell, it is important to pay attention to the median number of days it took for a home to sell since the median value gives a more accurate picture.  Median values are less impacted by large deviations such as homes that sold right away or homes that have languished on the market due to extenuating circumstances that do not apply to most Sellers. 

Selling a home in a down market during winter months can be tough but it is definitely not impossible.  Sellers can really influence how quickly their home sells.  Some quick tips for Sellers are:

• Make sure your home is tidy and uncluttered;
• Say “Yes!” to as many showings as possible;
• Make it safe and easy for Buyers to visit your home by ensuring walkways are shovelled; and
• Maintain exterior curb appeal with lighting and seasonal décor. 

It is possible to successfully sell your home in a down market.  If you are thinking of selling, contact us for a free home evaluation and to learn more about our proven marketing system.  

*Disclosure* The opinions expressed within this site and  the interpretations of the data is the opinion of the REALTOR® posting the information and may not reflect the views of the board, brokerage or its members.