Housing inventory remains tight in the region

Sales so far in 2024 in Melfort are on par with last year, with 22 sales from March to May this year, and 23 in those same months in 2023. Houses are on the market for an average of nine more days, from 71 from March to May of 2023, to 80 during those months in 2024.

“Overall, the properties entering the market do see reasonably quick turnover, but some are starting to remain on the Melfort market a bit longer.”

Ozeroff said buyers have been cautious on their purchases in 2024 due to the higher interest rates and increased cost of living.

She said generally, buyers are “waiting for the right property that fits their needs and budget.” Some buyers are also holding off to see if interest rates drop further. Ozeroff said the recent .25 per cent cut was a “step in the right direction” but the average buyer is looking for more relief.

Sale prices in Melfort were slightly higher from March to May this year, compared to the same time in 2023. The average sale price in that time in 2024 was $224,405.50, while it was $210,539 last year.

Dan Torwalt of Century 21 Fusion Realty in Humboldt said their inventories are at an all-time low.

At the end of May there were 28 residential properties for sale, but that included condominiums, apartments, and lots. There were 24 houses on the market at the end of last month, said Torwalt, but about half had conditional offers already.

“If you’re a buyer, you’ve got to be quick when something comes up,” Torwalt said. “Anything good goes pretty quick, and you’ve got to have an agent that’s sharp.”

There were 43 houses sold from the start of the year through May, according to Torwalt, up slightly from 39 in the same period last year. Prices continue to steadily climb as well. Torwalt said the average price has gone up by about five per cent each year for the last several years. The benchmark price for a three-bedroom, two-bath, attached garage home was $262,000 last year, and that’s gone up to $271,000 so far in 2024.

Torwalt said BHP’s Jansen potash project started to affect Humboldt’s real estate market about six months ago, and has ever since, as many of the workers became full-time and are looking to settle down.

“I think there (are) up to 2,000 workers out at the campsite and a lot of them don’t want to live out at the campsite anymore,” Torwalt explained.

Carson Penner of Royal LePage Renaud Realty in Tisdale said they saw 10 sales in May this year compared to nine last year. He said the recent cut in interest rates won’t have much of an effect on the rural market, as prices are a fraction of those in larger cities.

“For a typical mortgage on an average home (in Tisdale), that’s a difference of about $20 per month,” said Penner. “It’s not significant enough to influence buyers’ decision-making.”

In Nipawin, sales over the last six months of 2024 as compared to the same of 2023, are down 15 per cent and so are the new listings, according to Yuriy Danyliuk, with RE/MAX Blue Chip Realty

Average house price for the last 6 months were around $134,000.

–

Cam.lee@pattisonmedia.com

On X: @northeastNOW_SK

by Cam Lee

Housing inventory remains tight in the region

What's Trending