More sales, higher prices in Melfort housing market in February

“Currently, we’re only sitting with two months of inventory on the market, so we are looking for more listings to come up,” said Luthi. All brokerages have several buyers waiting for an opportunity to purchase a home that suits their needs, but there needs to be more houses on the market for those sales to happen.

Despite a lack of inventory, the real estate market has been busy.

“We have seen multiple offers happen on houses in February, which is uncommon for this time of year,” explained Luthi. “It’s just showing that we’re coming into a very strong spring market.”

Luthi said a lack of inventory is an issue province-wide, and the low number of houses on the market is leading to multiple offers on some properties.

“It’s having people look even at this time of year when usually a lot of people will sit and wait until spring,” Luthi said. “People are trying to get a jump on things sooner than later here now.”

A few of the houses last month sold for over the list price, and Luthi said the lack of inventory could be leading to the uptick in house prices in Melfort. Luthi said the active market will likely continue, but realtors would like to see a higher number of houses available. Generally, the market becomes more active between mid-March to mid-April, with people more likely to list their properties when the weather warms up.

“We do anticipate [seeing] more [properties] coming on the market, but we do still anticipate a very competitive market moving into spring.”

Luthi said there are a variety of buyers looking to purchase homes, from first-time buyers to people relocating, to some landlords looking to expand their portfolios. She added houses in the $250,000 to $300,000 range are especially sought after as many can still qualify for a mortgage at that level, and houses are generally in good shape.

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Cam.lee@pattisonmedia.com

by Cam Lee

More sales, higher prices in Melfort housing market in February

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