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By Cam Lee

Real estate update

Shortage of inventory affecting real estate market in Melfort

Apr 4, 2024 | 3:44 PM

Housing inventory continues to be an issue in the Melfort area through the first three months of 2024.

Eleah Sims of Realty Executives Gateway Realty in Melfort told northeastNOW there just aren’t many houses on the market.

“As of right now (the number of listings is) down about 22 per cent compared to last year in listings, and then down about 23 per cent in sales,” Sims said. Statistics from the Saskatchewan Realtors Association (SRA) reveal there were 11 sales in the first three months of the year, and just 13 new listings in that time.

In 2019 and 2020, Melfort averaged 50 listings for sale. That number has dwindled ever since, averaging 37, 29, and 24 the next three years. There are currently only 25 listings in Melfort, but four of the listings have been conditionally sold. The listing numbers also include condominiums.

Sims said the lack of inventory is seriously affecting the market, with many buyers looking to make their move.

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“I think they know what they want and so they’re just kind of waiting for the right things to come up,” Sims said. The lack of homes on the market is leading to fewer sales.

“There’s just not enough out there for people to pick from.”

Sims said the fact there are buyers out there waiting for the right property is a positive sign.

“There’s an indication that people are still wanting to buy, and people (are) still coming into Melfort from other (communities),” said Sims.

The average sale price in the first three months of 2024 in Melfort averaged just over $217,000, very similar to the same time last year.

Meanwhile, Carson Penner of Royal LePage Renaud Realty in Tisdale told northeastNOW there were eight sales in Tisdale from January 1 to March 31, compared to 10 sales for the first three months of 2023.

The average sales price is up from $140,000 last year to $168,000 so far in 2024.

That includes condos and multi-unit buildings.

In Nipawin, Yuriy Danyliuk of Re/Max Blue Chip Realty said there were 12 sales in the community in the first three months of 2024, down two from the year previous.

The total sale price is down by $40,000 to $109,291, but Danyliuk notes that is skewed by one large sale in that time frame last year.

As per realtor.ca there are currently 43 residential listings in Nipawin and 38 in Tisdale; however, that includes lots.

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Cam.lee@pattisonmedia.com

On X: @northeastNOW_SK