The tough economic times for the Wood Buffalo area are not over, a fact that is obvious as Fort McMurray homes see a drop in market values and sale prices for real estate in the area are lower than usual. The sales and home prices for the area have dropped below the average for 2014 in the month of September, according to statistics that the Fort McMurray Realtors recently released. These statistics and figures show that single family detached homes have seen a decline in sales prices and market values of roughly one third. In September of 2014 a single family detached residence had an average market value and sale price of $774, 007, today the same home would see $682, 738 instead. That is a substantial drop in value.

Since market values for Fort McMurray homes are down many people in the area who are thinking about selling may want to think twice. Those in the market for a home who have the resources to wait out the tough economic times may want to consider buying when the market values are this low. When the economy picks back up and the market values and sales prices start to adjust upwards those who purchased a home right now could see a significant amount of equity due to the economy turning around. Since most home owners are in it for the long haul the current statistics are not a concern, but for those who want to sell a lower market value could be a deterrent, and those who want to buy may find a shortage of places to choose from on the market as a result.