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By Cam Lee

Real estate update

Low inventory continues to affect real estate market in Melfort

Jan 14, 2025 | 2:13 PM

The Melfort real estate market continues to be dictated by the low inventory of available properties.

Robyn Luthi, Broker and Realtor with Prairie Skies Realty, told northeastNOW that the number of sales in 2024 were down slightly compared with 2023.

“In 2024 we did see very limited inventory, so that didn’t help matters when we look at total volume of sales,” Luthi explained.

Low property inventory has been an issue since the pandemic began in 2020, according to Luthi. The issue became even more noticeable as 2024 flips into 2025.

“Right now on the market we only have 12 active residential listings, which is extremely low for Melfort,” said Luthi. Prior to COVID-19, that number was often over 50 or more.

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Luthi said properties that are well-maintained and priced properly are generally quick to receive offers. For prices, there hasn’t been a large surge despite the reduced inventory.

“We are still seeing buyers that are doing their due diligence, they’re not just buying because they need to, they’re buying because they want to,” Luthi explained. She said in 2021, when interest rates were extremely low, people were purchasing properties because they felt they needed to with the low rates.

The average price of a sold home in Melfort in 2024 was $217,000, which is right around where it’s been the past few years. Luthi said there were fewer multiple-offer listings than in 2023, but there are still properties that are well-priced that generate significant immediate interest.

Luthi said the fall market in 2024 remained strong with the typical lull during the holidays. The busiest time of year is typically in April and May, and she expects that to continue in 2025. Luthi anticipates a great spring for sellers because of the limited inventory and slightly lower interest rates.

Commercially, Luthi said there are people interested in setting up shop in Melfort but are running into difficulty finding leasing or purchasing opportunities. Farmland values continue to grow, and Luthi anticipates that trend to stick around through 2025.

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Cam.lee@pattisonmedia.com