Fort McMurray Real Estate Market Overview: November 2015
November saw a total of 56 successful residential real estate transactions in Fort McMurray. These sales were comprised of 44 single family homes and 12 condominiums across the city. While these numbers were certainly lower than the same time period last year, they were on par with how we expected the market to react to the ongoing low price of oil and the natural decline in transactions at this time of year. The following graphs outline the number of sales of single family homes and condominiums in Fort McMurray during the period from August 1, 2014 to November 30, 2015.
As was expected heading into November, homes were spending more days on the market. This is typical market behaviour for this time of year. While many experts predicted that homes would sit for significantly longer this year than in previous years, this was not the case for single family homes. In November 2015, single family homes were on the market for an average of 108 days. For the same time period in 2014, single family homes were on the market for an average of 105 days. The following graph outlines the average number of days it took Fort McMurray single family homes to sell during the period from August 1, 2014 to November 30, 2015.
In terms of days spent on the market, condominiums did not fare as well during the month of November. In November 2015, condominiums were on the market for an average of 211 days. This is a significant increase when compared to the same period of time in 2014. Last year, condominiums spent an average of 133 days on the market during the month of November. The following graph outlines the average number of days it took Fort McMurray condominiums to sell during the period from August 1, 2014 to November 30, 2015.
There are a few reasons that condominiums are currently staying on the market longer.
- As home prices come down, more first time buyers are able to afford single family homes.
- There are more condominium homes on the market right now.
- Investors are not as likely to purchase a condominium at this time.
As mentioned previously, it is normal to see the residential real estate market slow down in November and this trend will continue into December. Don’t despair if you are thinking of listing your home in December. Wood Buffalo Property Group can help you sell your house at any time of year thanks to our proven combination of marketing strategies, expert tips, and network of qualified buyers ready to make a purchase.
*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.