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Recovery showing in Fort Mac residential real estate this spring

Spring is a time for rebirth and renewal in Alberta. The snow and ice gradually begin to recede, and soon the leaves and flowers will return. The spring of 2017 is shaping up to be a time of new growth in the residential real estate sector, as well, according to one local group.

The Fort McMurray Realtors recently released statistics on home sales in the area, and the numbers are looking good. More than twice as many homes were sold this past March versus March 2016. A total of 45 home sales were closed this March, compared to just 21 a year ago. 

More encouraging news comes from the decreased average sale time. Last year at this time, the average selling time was 20 months; however, as of last month, that figure has plummeted to just nine months. The only downside was a decrease in average sale price. The price of a single-family detached home dropped by close to 15 percent from last March, to $575,069. The Realtors believe this is partly due to a shift toward purchasing starter homes in the area and lower sales of large houses. 

New home starts are also up in the area. CMHC reports 52 housing starts in March 2017, compared to just three during March 2016. The three-month total for new home starts in 2017 in Fort McMurray is 282.

As spring 2017 brings new life to nature in Alberta, it also seems to be bringing new life to its communities. Now is the time of year when many people begin to think about a fresh start. Anyone considering buying or selling residential real estate might benefit from a consultation with a real estate lawyer.

Source: fortmcmurraytoday.com, "March housing sales show signs of recovery", Cullen Bird, April 17, 2017

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