Housing sales in Medicine Hat jumped significantly in July.--FILE PHOTO
@MedicineHatNews
Double-digit percentage increases in housing sale prices in July lent momentum to the Medicine Hat real estate market this year.
After a 20 per cent jump in the month, housing prices have risen between 6 and 10 per cent in Medicine Hat since Jan, 1, new statistics show.
“Prices are up substantially in Medicine Hat,” said Greg Keen, president of the Medicine Hat Real Estate Board. “We’re still short on inventory; people are still looking to buy.”
Higher closing prices in July pushed the year-to-date average on single-family home sales to $394,500 for 2024 – a 10 per cent increase over the same time period last year.
At the same time the number of sales rose during the month but remains six per cent lower than the level in 2023.
Over the same period the number of residential units available for sale fell by 22 per cent.
Specific to July, largest price gains were registered in semi-detached and town home sales – though relatively few, the monthly average jump for both was above 30 per ent.
The average price per unit for semi-detached sales has risen 6 per cent to this point, to $349,000.
Average row and apartment-condo prices also increased by 7 and 10 per cent on average, respectively, to $231,000 and $199,000.
That activity could be the result of renters looking to buy units at a typically lower entry price, said Keen.
“Outside the stats, we are still dealing with people moving to Medicine Hat from other parts of the province, B.C. and Ontario – that’s putting pressure on prices. The biggest thing affecting Medicine Hat is low inventory.”
Overall, 821 units sold in the city from Jan. 1 to July 31, down 2 per cent, but values increased by 10 per cent.
