Supply and Demand
As a dedicated REALTOR® in Fort McMurray, I make it a priority to provide monthly market updates so you can stay informed about real estate trends. However, this month, I decided to zoom out and take a macro look at the past decade’s data, and what I found was fascinating.
The trends over the last ten years tell a compelling story of how our market has shifted. Here’s a look at some key data (data source Pillar 9):
What the Data Reveals
Declining Inventory:
Over the past decade, inventory has steadily declined. In 2015, the average monthly inventory was 957 homes. By 2024, that number had dropped to 474 homes—a reduction of more than 50%. The only comparable dip occurred during the pandemic-driven market in 2021.Sales Volume Resilience:
Despite fluctuating inventory, sales volume has shown remarkable resilience. Sales in 2024 reached 1,220 units, surpassing 2015 levels. This suggests strong buyer demand despite tighter supply.Price Growth:
Notably, 2024 is one of the few years, outside of the 2021 pandemic bubble, where the average home price increased. This indicates a shift in market dynamics, favoring sellers as demand outpaces supply.
What Does This Mean for You?
For Sellers:
This low-inventory, high-demand environment is a prime opportunity to sell your home. With fewer properties on the market, sellers are in a strong position to attract competitive offers.
For Buyers:
For buyers, navigating a market with limited inventory can be challenging. Preparation is crucial—having your financing in place and a clear understanding of your needs will help you act quickly when the right home becomes available.
My Advice for 2025
If you’re a homeowner, consider scheduling an annual or semi-annual market update for your property. Staying informed about its value will help you make strategic decisions, whether you’re considering selling or simply curious about the market.
If you’re planning to buy, let’s work together to develop a plan that positions you for success. As your REALTOR®, I’ll ensure you’re equipped with the knowledge and tools to navigate this competitive market.
Let’s Chat
Real estate is constantly evolving, and the data from the past decade proves how dynamic the Fort McMurray market can be. Whether you’re thinking about buying, selling, or just staying informed, I’m here to help.
Let’s make 2025 your best real estate year yet!