The Melfort real estate market is experiencing ongoing challenges due to a persistent shortage of available properties, a trend that has been in place since the onset of the pandemic in 2020.
Robyn Luthi, a broker and realtor with Prairie Skies Realty, shared insights with northeastNOW, highlighting that the number of sales in 2024 was slightly lower than in 2023, largely due to the limited inventory. “In 2024, we saw very limited inventory, which didn’t help when we looked at the total volume of sales,” Luthi explained.
Currently, there are only 12 active residential listings in Melfort, an exceptionally low number compared to the pre-pandemic norm, where listings typically numbered over 50. This lack of available homes continues to impact the market.
Luthi noted that properties that are well-maintained and priced appropriately tend to receive quick offers. Despite the low inventory, there has not been a significant surge in prices. “Buyers are still doing their due diligence—they’re not just buying because they need to, but because they want to,” she added. This contrasts with the rush in 2021 when low interest rates motivated many to purchase hastily.
The average sale price for a home in Melfort in 2024 was $217,000, which has remained steady over the past few years. While there have been fewer multiple-offer situations compared to 2023, properties that are well-priced still generate significant interest.
Looking ahead, Luthi anticipates that the spring market in 2025 will be strong for sellers due to the limited inventory and slightly lower interest rates. Typically, the busiest months for real estate in Melfort are April and May, and Luthi expects this trend to continue.
On the commercial side, Luthi reported that while there is interest in establishing businesses in Melfort, potential buyers and tenants are facing difficulties in finding leasing or purchasing opportunities. Additionally, farmland values remain strong, and Luthi expects this trend to continue into 2025.
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