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Median home sale price in Medicine Hat up from last year

Jul 11, 2018 | 5:19 PM

 

MEDICINE HAT, AB — The Medicine Hat Real Estate Board is encouraged by higher prices for properties in the city.

According to the board’s most recent statistics report, the median home sale price in Medicine Hat was $260,000, up from $247,000 in June 2017.

“We’ve had about a five per cent increase on our median sale price, and those numbers are showing well,” said Tim Seitz, president of the Medicine Hat Real Estate Board. “We haven’t seen a good increase or typical increase like this for quite some time, so we’re encouraged to see this.”

Seitz says the recent announcement of new businesses coming to Medicine Hat has prompted optimism in the housing market, which is in turn raising prices.

He adds multiple price ranges for home sales have been strong.

“The $300,000 to $400,000 range has really been strong, and even down to $200,000 for the starter houses and that,” Seitz said. “People are trying to get in, interest rates have gone up a little bit, but are still holding historically low, so people are taking advantage of that.”

The report says the average sale price in June was $278,242.

While the median sale price has gone up, the number of properties sold in Medicine Hat is down slightly. So far this year, 674 properties have been sold in Medicine Hat, down from 753 at this time last year.