The real estate market in the Pembina Valley has been steady in the first half of 2023.
Dave Kasdorf, broker and managing partner of Choice Realty based in Winkler, says the market has been strong because the area’s economy is strong. He says the job market is a typical reflection of the real estate market.
“We track a metric in the real estate world that’s called ‘days on the market,’ and that basically tracks how long it takes for a house to sell. And in Winkler and Morden right now, that metric is between 20 and 30 days. So, houses are selling quickly, especially in the most desirable price point, which is between $200,000 and $300,000.”
The ‘Days on the Market’ is a bit longer in the community of Altona, at closer to 40 and 50 days. However, Kasdorf says the price points are similar to what they are in Winkler and Morden.
Kasdorf says there are a number of contributing reasons behind the current slowdown of sales they’re noticing in Winkler. He says there are more people moving into the city, and there is simply a lack of listings.
“There hasn’t been as many homes for sale in that most desirable price range, and that’s typical, because the people in that price range now aren’t looking to buy the next home at the higher price range.”
Based on data from January 1st through June 30th this year, the average sale price for a home in Winkler is just over $296,000, almost $264,500 in Morden and nearly $272,800 in Altona
With a lack of listings, Kasdorf was asked if this is pushing people to seek homes in other communities.
“Certainly a segment of the population (is) looking at other communities,” said Kasdorf. “Other people who don’t have the urgency to move, are sometimes waiting for the right opportunity to come up in the community they would like to move to.”
Kasdorf also noted the ‘new home’ market has been a little slower than in typical years.
“The average sale price in the Pembina Valley is fairly consistent compared to last year,” he said. “What we have found is the cost of construction is quite a bit higher. So new home construction is more expensive, and of course, everyone’s got hit with inflation and higher interest rates.”
Kasdorf says he’s not surprised about any of the current trends they’re seeing. He says they’re optimistic for the future because of the strong economy and the great jobs that we have here.
“Historically, the interest rate is not that high, but what’s happened is the rate has increased fairly quickly, so it’s caused some people to kind of take a bit of a pause before they made the real estate transaction.”
Kasdorf added the market continues to be strong, but they would like to see a few more listings, to give people more opportunities and more choices when they’re looking at buying real estate.