June 23rd, 2024

Hat real estate market has good May, but things are still slow

By Collin Gallant on June 18, 2018.

Medicine Hat News

Last month, the Medicine Hat real estate market shook off a slow start to the year, but the best month of May in four years wasn’t enough to move the year-to-date totals above recent year’s pace.

Still, after a start to the year that saw local activity trail previous years’ pace, the reversal is welcome.

“The feeling is pretty positive,” said Tim Seitz, the president of the Medicine Hat Real Estate Board, of the recent month’s figures.

“It shows little more optimism in the community and going forward, we’re feeling good about June.”

In May, single family house sales rose to 101, the most for the month since 2014, and cumulative value came in just above $30 million, another four-year high.

But, the five-month cumulative total of 248 house sales for $106.8 million, sat at or 10 per cent below similar figures going back to a record year in 2014.

Stronger than average sales of other residential properties helped narrow the overall gap in the whole market from 2017. Considering all property classes, it sits at just two per cent less, or $3 million, in total sales of $155 million.

Condo, townhouse and sales of other semi-detached properties totalled just under $11 million for the month — double that of last May — and for the year, sales are up slightly with a six per cent boost in value.

The monthly figures were also helped with farms sales registering $3.9 million and several multi-family complex sales closing.

In all, $46.4 million changed hands on 158 sales, reflecting a 20 per cent boost from May 2017.

Seitz said that the general impression of the real estate market is hampered by national statistics that show large declines across Canada thanks to average that include huge metro areas.

“It’s mostly centred on Toronto and Vancouver, where governments of Ontario and British Columbia are attempting to slow the housing markets (with ownership rules),” he said. “The Alberta market is showing quite a bit closer to Medicine Hat, and we have a strong market here that’s holding its own.”

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