By Brian Konrad

Average residential home price up 21 per cent year-over-year in Medicine Hat

Sep 16, 2020 | 12:22 PM

MEDICINE HAT — Medicine Hat’s real estate market is getting stronger, with the August sales report including some eye-popping numbers.

The Medicine Hat Real Estate Board report shows the average residential sale price is up 21 per cent year-over-year, coming in at just under $303,000 in August.

The market is being driven by a number of factors, including more sales of homes priced above $400,000.

“We had some pretty good high-value home sales,” according to the President-elect for the Real Estate Board, Adam Andrews.

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“Anything over the $400,000 mark is a tougher sale so it’s nice to see some of these higher value homes are being purchased”.

Low interest rates are also part of the story, but Andrews says a reduced inventory of homes for sales is another factor.

“If a house shows well and it’s clean and presents well to the public, to = the consumer, those are the ones that are moving and those are the ones that go into multiple offers which drive up the average price at the end of the day,” says Andrews.

The inventory of homes available for sale in Medicine Hat is 19.4 per cent lower than it was this time last year.