Medicine Hat remains a sellers market for real estate, home prices rise

The hesitation has resulted in a lack of properties available for purchase, according to real estate board president Greg Keen.

“It’s seems right across the board we are seeing a lack of inventory. If something comes on and it’s priced reasonably well it’s going to sell fairly quickly,” Keen told CHAT News on Wednesday.

Keen said the current market conditions are also seeing “properties that might be harder to sell in the past, based on location or condition, those properties are selling now as well.”

If all listings were to stop today, Keen says it would take about one and a half months for the current listings to sell.

In a healthy market, that time frame would be closer to four to six months of supply, Keen explained.

While there have been instances of properties receiving multiple offers and selling at more than the list prices, Keen said that hasn’t been widespread.

With buyers moving to Medicine Hat from B.C., Ontario and Saskatchewan, Keen added it’s also putting pressure on the rental market, with single family detached homes getting snapped up quickly.

Mayor Linnsie Clark said during her annual state-of-the-city address that housing is one of the key challenges facing Medicine Hat in 2024.

by Brian Konrad

Medicine Hat remains a sellers market for real estate, home prices rise

Our Community