And the real estate board’s Justin Taupert says that fact is partial proof the city has a strong housing market.
“If a buyer hasn’t come through, maybe that’s the market’s speaking there might not be enough value, and that’s no knock on the property… some times a slight price adjustment starts to bring the buyers through,” Taupert said.
He also says the amount of time a house is on the market in Medicine Hat is mostly short, about 60 days currently, which is lower than what was seen during the last 10 years in the month of January.
“Typically the month of January (the) average days on market are a little bit higher, just due to the winter months and the real estate market slowing slightly,” Taupert said, “So 60 days on market average during January is very strong.”
Taupert also says the city has a lower than usual inventory of home listings of around three months’ worth.
However new figures also show people are getting a bargain on Medicine Hat homes, compared to many other locations.
Taupert says the cost of an average detached single-family home in Medicine Hat is about $311,479.
Nationally, the average home price is $748,450 according to the Canadian Real Estate Association, which is the highest on record.
