2015 Housing Slump in Wood Buffalo Continues in 2016

The 2015 Wood Buffalo housing slump is continuing in 2016 according to the recent data release by Fort McMurray Realtors. Housing prices and new home construction continues to be low just like it was a year ago, and prices now are lower than they were in 2015 at the same time. In February 2016 there were 29 single family homes sold, in February 2915 there were 32. The average price for these home in 2015 was 9.5% higher than the average 2016 price of $675,424. There were significantly more condo sales in 2016 at 11 than the 2015 monthly sales total of 4. The average condo sales price for 2016 was around 40% less than it was for 2015 though. Last year during this period there were 21 housing projects started, but in 2016 only 4 housing projects were started in the Wood Buffalo area.

What does the continued housing slump mean for Wood Buffalo homeowners? Right now is not an ideal time to sell, although the lower home values and prices could make it a good time to buy if you intend to keep the property long term. Selling a home now could mean losing out on a higher price for the residence, and some homeowners may find themselves underwater because of the lower values for property right now. A homeowner in Wood Buffalo who purchased their home right before the housing slump started, when prices were still very high, could find that they now owe more than the residence is currently worth. As the economy picks back up again in the future this should change though because housing values will increase again as well.

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