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By Cam Lee

Real estate numbers

Inventory issues still affecting housing market in Melfort

Feb 8, 2024 | 5:30 PM

A typical start to the year for real estate sales in Melfort.

Robyn Luthi of Prairie Skies Realty told northeastNOW that there were just four home sales in the city of Melfort in January, which is typically a slower time of year for sales largely due to the colder weather.

The average sale price last month was $254,000, a significant jump from the $207,000 in January of 2023 Luthi said that’s largely due to the small sample size and a home sale or two that were significantly higher than the average.

A major issue affecting the real estate market in Melfort – and across Saskatchewan – is a lack of available properties on the market.

“Where we are still seeing a little bit of strain on the market is that we just don’t have enough inventory,” Luthi explained. “That’s still been a little bit problematic for sellers and for buyers.”

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There are just 23 properties listed in Melfort, including attached and detached homes. Just one new property was listed for sale in the city last month.

Luthi said the inventory issues began right around COVID.

“When we had those really low interest rates there it kind of got everybody buying,” said Luthi. She added the market has never returned to pre-COVID levels of inventory anywhere in the province.

Overall across the province, the sales numbers are still strong, according to Luthi.

“The market certainly hasn’t slowed down in Saskatchewan like maybe it has in other parts of the country,” she explained.

Luthi said anyone on the fence thinking about selling their house could put their property on the market with significant buyer interest across the board.

“I think that there [are] still lots of people out there that are interested in purchasing a home. It’s just making sure right now it’s more specifically the right fit for them.”

She added that anyone pondering the sale of their home could contact their favourite real estate agent to look at market valuations for their property, and to see if listing it makes sense for them.

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cam.lee@pattisonmedia.com

On X: @northeastNOW_SK