The local housing market is continuing to have a strong 2021.
According to the Fort McMurray REALTORS® May report, 82 single-family detached homes were sold at an average price of around $551,000.
This is a big jump from the 32 sold in the same period last year, while these new sales averaged around $80,000 more.
The number of sales, as well as the average price, is also slightly higher than April’s numbers.
In the first five months of the year, 343 single-family detached homes have been sold at an average price of around $539,000.
When including apartments, mobile with land, and other forms of properties, there have been a total of 559 sales.
Meanwhile, the Realtors note inventory levels remain low.
There are currently 408 listings on the market, the lowest May levels recorded since 2007.
“The tighter market conditions are supporting some of the upward price pressure in the market,” read the Realtors May report.
They add this mostly has occurred in the detached segment of the market. They also believe some of the gain could just be due to a rise in higher priced sales.