Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 8, 2022

March 2022 Market Stats

 

𝗠𝗔𝗥𝗖𝗛 𝟮𝟬𝟮𝟮 𝗦𝗧𝗔𝗧𝗦

150 Homes SOLD in March
86 Homes pending going into April
26 Sold either at list price or over
18 Firm sales within the first two weeks of being listed
440 Active Listings
202  New Listings
Average List Price to Sales Price ratio: 97.5% 
Average Days on Market: 67

*Based on Fort McMurray, Anzac, Gregoire Lake Estates & Saprea Creek

𝗦𝗜𝗡𝗚𝗟𝗘 𝗙𝗔𝗠𝗜𝗟𝗬
85 sales!   There hasn't been this many sales in one month since July 2014! 
Inventory is down 4%
Sales YTD are up 12%
Average price is up 4% to $545,183
It's a soft seller's market with 2.95 months of inventory.

𝗖𝗢𝗡𝗗𝗢 𝗔𝗣𝗔𝗥𝗧𝗠𝗘𝗡𝗧
Sales YTD are up 8%
Inventory is down 41%
AVG price is up 10%
YTD DOM down 64% to 36
1.99 months of inventory

𝗧𝗢𝗪𝗡𝗛𝗢𝗠𝗘𝗦
Sales YTD are up 30%
Inventory down 166%
Average sale price YTD is up 15%
It is a HOT seller's market with 1.45 months of inventory.
There are only 15 townhomes for sale in the city.

𝗠𝗢𝗕𝗜𝗟𝗘 𝗛𝗢𝗠𝗘𝗦 𝗪𝗜𝗧𝗛 𝗟𝗔𝗡𝗗
Sales YTD are up 40%
Inventory is up 28%
Average YTD Sale price is down 17%
It's a balanced market with 4 months of inventory.

𝗗𝗨𝗣𝗟𝗘𝗫𝗘𝗦
Sales are up 63% YTD
Inventory is up 22%
Average YTD price is up 4%
It's a soft seller's market with 3.21 months of inventory.

If you have any questions, give me a call.

_________________
Krystal Jessome
Coldwell Banker Fort McMurray
📱587-919-7499
📧krystaljessome@gmail.com
💻www.KrystalJessome.ca

Posted in Market Updates
April 7, 2022

Do you have a Sump Pump?

 

𝗗𝗼 𝘆𝗼𝘂 𝗵𝗮𝘃𝗲 𝗮 𝗦𝗨𝗠𝗣 𝗣𝗨𝗠𝗣?

If you have a sump pump, ensure that it is in proper working condition. The weather is warming up and the snow is melting fast. Your sump pump will ensure that this water is pumped away from the foundation of your home.

 

A secondary pump installed next to the first is also a good idea in the event that the first fails. For the added piece of mind, this back up pump can also be battery operated so in the off chance that the power goes out it will still operate.

 

The options to protect your home from water damage are endless. Water sensors are also available at local hardware stores for a reasonable price that can alert you if water is detected where it shouldn't be. These can be connected to your wifi so you are able to receive these alerts even if you are not home. 

_________________

Krystal Jessome

Coldwell Banker Fort McMurray

D: 587-919-7499

E: krystaljessome@gmail.com

March 18, 2022

Prepare for Spring Thaw

𝗣𝗥𝗘𝗣𝗔𝗥𝗘 𝗙𝗢𝗥 𝗦𝗣𝗥𝗜𝗡𝗚 𝗧𝗛𝗔𝗪

The temperatures are on the rise and the snow is finally melting! Take this weekend to prepare your house for spring thaw to prevent future damages. 

𝟭. 𝗖𝗹𝗲𝗮𝗿 𝗜𝗰𝗲 𝗮𝗻𝗱 𝗦𝗻𝗼𝘄 𝗔𝘄𝗮𝘆 𝗳𝗿𝗼𝗺 𝗬𝗼𝘂𝗿 𝗛𝗼𝘂𝘀𝗲. If you have snow packed against the side of your house or covering drains, clear this away to reduce the amount of water sitting around your foundation.
𝟮. 𝗖𝗹𝗲𝗮𝗿 𝗚𝘂𝘁𝘁𝗲𝗿𝘀 𝗮𝗻𝗱 𝗗𝗼𝘄𝗻𝘀𝗽𝗼𝘂𝘁𝘀. Ice and snow can build up in your gutters through the winter. Your downspouts should be down and clear of debris in order to function properly in keeping water away from the house. 
𝟯. 𝗟𝗼𝗼𝗸 𝗳𝗼𝗿 𝗰𝗿𝗮𝗰𝗸𝘀 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗳𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻. We have extreme temperature changes which cause movement in the ground. This can cause foundation cracks but if found early can be fixed before a larger issue occurs. Take a walk around your property and if cracks are found, consider getting them repaired. 
𝟰. 𝗘𝗻𝘀𝘂𝗿𝗲 𝗬𝗼𝘂𝗿 𝗦𝘂𝗺𝗽 𝗣𝘂𝗺𝗽 𝗶𝘀 𝗪𝗼𝗿𝗸𝗶𝗻𝗴.This is your first line of defense against a flood basement and expensive water damage. If you have a sump pump ensure it is working properly and consider getting a backup monitor incase of failure. 
𝟱. 𝗖𝗵𝗲𝗰𝗸 𝗬𝗼𝘂𝗿 𝗔𝘁𝘁𝗶𝗰 𝗮𝗻𝗱 𝗖𝗲𝗶𝗹𝗶𝗻𝗴𝘀. Snow builds up on roofs over the course of a winter, and while structurally they can handle it, the spring thaw brings with it the risk of a leak. You should always keep an eye on your attic and the ceiling of your top floor, as a small leak can quickly become a huge problem.
_________________
Krystal Jessome
Coldwell Banker Fort McMurray
D: 587-919-7499
E: krystaljessome@gmail.com
March 1, 2022

February 2022 Market Stats

𝗙𝗘𝗕𝗥𝗨𝗥𝗔𝗬 𝟮𝟬𝟮𝟮 𝗦𝗧𝗔𝗧𝗦

132 homes SOLD in February

61 homes pending going into March

16 Sold either at list price or over

15 firm sales within the first two weeks of being listed

400 Active Listings

177 New Listings

Average List Price to Sales Price ratio: 97.2% 

Average Days on Market: 60

 

*Based on Fort McMurray, Anzac, Gregoire Lake Estates & Saprea Creek

 

𝗔𝗥𝗘 𝗬𝗢𝗨 𝗖𝗢𝗡𝗦𝗜𝗗𝗘𝗥𝗜𝗡𝗚 "𝗠𝗢𝗩𝗜𝗡𝗚-𝗨𝗣" 𝗜𝗡𝗧𝗢 𝗬𝗢𝗨𝗥 𝗙𝗢𝗥𝗘𝗩𝗘𝗥 𝗛𝗢𝗠𝗘?

Think back to when you bought your first property. You were likely excited, nervous, filled with pride and crunching numbers to ensure you were confident in your decision. Quite often though, the first home you buy is not the home you plan on staying in forever.

Eventually, for a lot of families, there comes a time when you have outgrown your first home and the thought of more space becomes appealing. Features of your home that may have been a selling feature at one time in your life may not be as functional after time has passed.  The basement bar that you were so proud to show off now may be getting in the way of your first borns play room!

If this sounds like you, there are a few strategies to get you where you’d like to be! 

𝗦𝗘𝗟𝗟 𝗙𝗜𝗥𝗦𝗧, 𝗕𝗨𝗬 𝗟𝗔𝗧𝗘𝗥

The “Sell First” strategy is by far the least risky. If the thought of carrying two mortgages simultaneously scares you this may be a good option. By selling your current property first, you will not be under strict timelines to obtain a sale and have a bit more freedom to feel out the market conditions. By selling first, you will know exactly how much you will net from the sale before you proceed in purchasing a new property. The downside to this tactic is depending on possession timelines of the new owner, you could need to be out before you have purchased your forever home and will need to find intern accommodations.

𝗕𝗨𝗬 𝗙𝗜𝗥𝗦𝗧, 𝗦𝗘𝗟𝗟 𝗟𝗔𝗧𝗘𝗥

In a hot market where homes are selling faster than the “For Sale” sign hits the lawn, buying first might be the way to go. By buying first you will not feel the need to settle for what limited properties are currently on the market. The move-up buyer still lives in their existing home giving them time to shop around until they find the perfect home they would like to put an offer on. If this sounds appealing, you will need to ensure your financing allows you the option to carry two mortgages or inquire about a bridge mortgage.

𝗕𝗨𝗬 & 𝗦𝗘𝗟𝗟 𝗦𝗜𝗠𝗨𝗟𝗧𝗔𝗡𝗘𝗢𝗨𝗦𝗟𝗬

Aligning the sale of your home and the purchase of a new property can be tricky but not impossible. With this game plan you will want to research the market and become knowledgable about your options on the purchase side. The purchase would be contingent on the sale of your home and the sale of your home would be contingent on an unconditional purchase of the new property. Being flexible in this scenario is key as there will be at least 3 parties involved. Keep in mind, not every seller will accept an offer conditional on the sale of your property. If going into a multiple offer situation on a purchase, this may not be the best strategy. 

Deciding what strategy works for you will depend on your individual situation. This is a conversation that we can have where we can weigh the pros and cons of each and assess the risks you are comfortable taking. At the end of the day, ensuring you are able to meet your goals as a move up buyer while minimizing the risk and stress to yourself will be our objective.

If you are in the market to buy and sell, give me a call. 

_________________

Krystal Jessome
Coldwell Banker Fort McMurray
D: 587-919-7499
E: krystaljessome@gmail.com
Posted in Market Updates
Feb. 1, 2022

January 2022 Recap

The Real Estate market in Fort McMurray is moving fast. You have heard the news, seen the posts and likely experienced it if you are currently looking to buy or sell. But what does that look like exactly: 

 

𝗝𝗔𝗡𝗨𝗔𝗥𝗬 𝟮𝟬𝟮𝟮 𝗦𝗧𝗔𝗧𝗦

99 homes SOLD in January

70 homes pending going into February

16 Sold either at list price or over

12 firm sales within the first two weeks of being listed

385 Active Listings

125 New Listings

Average List Price to Sales Price ratio: 97.1% 

​Average Days on Market: 61​

*Based on Fort McMurray, Anzac, Gregoire Lake Estates & Saprea Creek


𝗪𝗛𝗔𝗧 𝗣𝗥𝗜𝗖𝗘 𝗥𝗔𝗡𝗚𝗘 𝗬𝗘𝗜𝗟𝗗𝗦 𝗧𝗛𝗘 𝗛𝗜𝗚𝗛𝗘𝗦𝗧 𝗦𝗔𝗟𝗘𝗦?


We have two sections of the market right now that are selling very well. 


𝗔)Between $400,000-700,000 has seen a high number of sales so far. This range is typically sold to individuals looking to either get into the market as a first time home buyer or a move-up buyer looking for more space in that "forever" home. Within this pricing you are able to find a wide range of options including: duplexes, single family homes, age ranging from 1967-brand new, with/without garage, lot size variances, legal/illegal suites, family homes etc. With the potential of having rental income, this section of the market can be quite affordable to many.  Monthly mortgage amounts would range from roughly $1800-3000 based on the minimum downpayment requirement. 

𝗕) We are also seeing a large number of sales under $150,000. Over the last couple years I have personally worked with quite a few investors looking to start or build their portfolio. Having inventory in this price range gives individuals the chance to become a landlord whether it may be their first or tenth investment property. This price range not only serves investors but also first time home buyers, flippers, commuters and families. Within this range you are able to secure a home anywhere from a 1 bedroom apartment (or studio apartment) to a 3 bedroom townhouse with an attached garage.
At the end of the day, if you are in the market to buy or sell, being informed and prepared is essential. Talk to your realtor about your wants and needs and ensure you have a plan on how you are able to reach your end goals. A busy market does not mean you have to settle, we are able to pivot with the market and apply different strategies to finalize that sale or find you the house of your dreams. 
As always, if you or someone you know is looking to buy or sell, I am happy to help! 

_________________
Krystal Jessome
Coldwell Banker Fort McMurray
D: 587-919-7499
E: krystaljessome@gmail.com
Posted in Market Updates
Jan. 12, 2022

2022 has started out STRONG!!

2022 has started out STRONG!! 

Our lack of inventory in the market has been a struggle for buyers for a while now. We started the year with the same statistically low level of active listings while buyers have remained very active in the market.

Today is January 12, 2022 and we have seen 32 firm sales with 56 pending offers. In Fort McMurray, Anzac, Gregoire Lake Estates and Saprae Creek combined we have a total of 248 Active listings.

Over the previous 3 years we have seen roughly between 160-200 new listings hit the market in January. We are currently only at 41 but we still have lots of time left in the month so we will see how the rest of the month plays out.

How does this affect sellers? 

Our average days to sell currently sits at 57 days on market. Keep in mind this includes the condition period of a contract which is typically 10-14 days. Meaning, if you price your home accurately sellers are seeing an offer within the first month on the market and selling on average for 97.2% of list price.

On top of this, because of the low inventory you have less active listings on the market to compete against. In some circumstances this gives you an opportunity to push prices slightly but this is to be discussed with your Realtor® on a case by case situation.  

How does this affect buyers? 

Hot properties are moving fast. If you are in the market to buy a home, ensure you have all your ducks in a row. Talk to your bank or mortgage broker to have a pre approval in place and ask for a pre approval letter that can be sent along with an offer. If a property hits the market that you are interested in, don't wait to book a showing. Multiple offers have been more common recently, so talk to your Realtor early on about how that process looks and what to expect. Multiple offers shouldn't be feared, but rather there are different strategies that can be used to come out on top.

The market is forever changing and we are only days into 2022. It has been exciting and busy thus far and it will be interesting to see how this year plays out!

Stay tuned for more updates! 

 

_________________
Krystal Jessome
📱587-919-7499
📧krystaljessome@gmail.com
Posted in Market Updates
Jan. 5, 2022

Why is there frost built up in my attic?

𝗪𝗛𝗬 𝗜𝗦 𝗧𝗛𝗘𝗥𝗘 𝗙𝗥𝗢𝗦𝗧 𝗕𝗨𝗜𝗟𝗧 𝗨𝗣 𝗜𝗡 𝗠𝗬 𝗔𝗧𝗧𝗜𝗖?

Have you ever experienced a roof leak on a sunny day in the middle of winter? It is probably from attic freeze or attic rain.

Frost and ice can form in attics when warm, humid air accumulates and condenses on the underside of your roof sheathing. Typically you will start to see this accumulate during extreme cold temperatures like we are having now. A little bit of frost forming is not unusual and typically doesn't cause any major problems if it is able to melt and evaporate so the wood can dry.

However, if the frost is not able to evaporate and starts to accumulate, this is when we see issues. The longer this goes on, the greater the ice will build up and the more water you will have leaking down into the ceiling when the temperature finally start to warm up.

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘀𝗼𝗺𝗲 𝗰𝗮𝘂𝘀𝗲𝘀 𝗼𝗳 𝗶𝗰𝗲 𝗶𝗻 𝗮𝘁𝘁𝗶𝗰𝘀? 

𝟭. 𝗛𝘂𝗺𝗶𝗱𝗶𝘁𝘆 𝗟𝗲𝘃𝗲𝗹𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗛𝗼𝗺𝗲
Do you have high humidity and condensation problems?

You can reduce humidity by remembering to use bathroom and kitchen fans when showering and cooking, run a dehumidifier in the basement if needed, and don't hang laundry to dry indoors, unless your humidity is down around 30% RH level.

𝟮. 𝗔𝘁𝘁𝗶𝗰 𝗩𝗲𝗻𝘁𝗶𝗹𝗮𝘁𝗶𝗼𝗻
Is your attic vented correctly and sufficient?

Take a look around the lowest edges of the roof. If there is light coming through from all around the edges of the roof, the ventilation is probably fine. If not, chances are that when someone added insulation, they pushed it down against all the edges and blocked air circulation which is not good! There should also be a good vent at the top.

𝟯. 𝗔𝗶𝗿 𝗟𝗲𝗮𝗸𝗮𝗴𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗖𝗲𝗶𝗹𝗶𝗻𝗴
Is there ceiling vapor barrier intact and doing its job? Is your attic hatch seal air tight?

Any areas where humid air could be escaping into the attic space should be properly sealed. Old electrical outlets, venting, attic hatches etc are all areas where you could find a leak.

In the case of attic frost, it is important to be aware and have the problem fixed. If you are not experienced in this kind of repairs, it is always a good idea to hire a professional. 

Reach out if you would like me to provide you with a list of reliable contractors. 

Jan. 5, 2022

Which neighbourhood had the highest sales?

 

✨ 𝗦𝗢𝗟𝗗 𝗶𝗻 𝟮𝟬𝟮𝟭 ✨

When buying or selling there are so many factors involved in price and how long you should expect to be listed before a sale. It is interesting looking at our number of SOLDS IN 2021 when you break it down between neighbourhoods.
Do any of these numbers surprise you? 🤔
𝗧𝗵𝗶𝗰𝗸𝘄𝗼𝗼𝗱 159

𝗗𝗶𝗰𝗸𝗲𝗻𝘀𝗳𝗶𝗲𝗹𝗱 35

𝗪𝗼𝗼𝗱 𝗕𝘂𝗳𝗳𝗮𝗹𝗼 66

𝗧𝗶𝗺𝗯𝗲𝗿𝗹𝗲𝗮 381

𝗣𝗮𝗿𝘀𝗼𝗻𝘀 𝗡𝗼𝗿𝘁𝗵 77

𝗦𝘁𝗼𝗻𝗲𝗰𝗿𝗲𝗲𝗸 64

𝗘𝗮𝗴𝗹𝗲 𝗥𝗶𝗱𝗴𝗲 124

𝗗𝗼𝘄𝗻𝘁𝗼𝘄𝗻 175

𝗚𝗿𝗮𝘆𝗹𝗶𝗻𝗴 𝗧𝗲𝗿𝗿𝗮𝗰𝗲 7

𝗪𝗮𝘁𝗲𝗿𝘄𝗮𝘆𝘀 8

𝗔𝗯𝗮𝘀𝗮𝗻𝗱 76

𝗕𝗲𝗮𝗰𝗼𝗻𝗵𝗶𝗹𝗹 48

𝗣𝗿𝗮𝗶𝗿𝗶𝗲 𝗖𝗿𝗲𝗲𝗸 27

𝗚𝗿𝗲𝗴𝗼𝗶𝗿𝗲 56

𝗚𝗿𝗲𝗴𝗼𝗶𝗿𝗲 𝗟𝗮𝗸𝗲 𝗘𝘀𝘁𝗮𝘁𝗲𝘀 6

𝗔𝗻𝘇𝗮𝗰 12

𝗦𝗮𝗽𝗿𝗮𝗲 𝗖𝗿𝗲𝗲𝗸 16

_________________
Krystal Jessome
Coldwell Banker Fort McMurray
D: 587-919-7499
E: krystaljessome@gmail.com
Posted in Market Updates
Jan. 5, 2022

How many properties sold in 2021?

🎉𝟭𝟯𝟮𝟯 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝗶𝗲𝘀 𝗦𝗢𝗟𝗗 𝗶𝗻 𝟮𝟬𝟮𝟭 🎉

2021 was a wild ride for us all. Congrats to everyone that bought & sold Real Estate and started a new adventure here in YMM!!
𝗛𝗲𝗿𝗲 𝗶𝘀 𝗮 𝗿𝗲𝗰𝗮𝗽:
216 Apartments
130 Townhouses
120 Mobile Homes
715 Detached Homes
71 Duplexes
𝗡𝘂𝗺𝗯𝗲𝗿 𝗼𝗳 𝗛𝗼𝗺𝗲𝘀 𝗦𝗼𝗹𝗱 𝘄𝗶𝘁𝗵𝗶𝗻 𝗮 𝗣𝗿𝗶𝗰𝗲 𝗥𝗮𝗻𝗴𝗲:
$0-$100,000: 208
$100,000-$400,000: 447
$400,000-$600,000: 450
$600,000-$800,000: 191
$800,000-$1,000,000: 23
$1,000,000+: 4

𝗔𝘃𝗲𝗿𝗮𝗴𝗲 𝗗𝗮𝘆𝘀 𝘁𝗼 𝗦𝗲𝗹𝗹: 71

𝗔𝘃𝗲𝗿𝗮𝗴𝗲 𝗵𝗼𝗺𝗲 𝘀𝗼𝗹𝗱 𝗳𝗼𝗿 𝟵𝟳% 𝗼𝗳 𝗹𝗶𝘀𝘁 𝗽𝗿𝗶𝗰𝗲

Looking to buy or sell in 2022? Give me a call!

_________________

Krystal Jessome
Coldwell Banker Fort McMurray
D: 587-919-7499
E: krystaljessome@gmail.com
Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates