First Quarter 2023 Medicine Hat Market Update

Thanks mostly to a pullback in detached activity, first quarter sales did ease off the high levels reported over the past two years. However, sales levels are still consistent with long-term trends for the city and are stronger than activity reported prior to the pandemic. At the same time, new listings continued to ease this year, keeping March inventory levels amongst the lowest levels reported. Inventory has also shifted within the detached market as inventory levels continue to fall for homes priced below $300,000. With a month of supply of two months and a sales to new listings ratio of 76 per cent, conditions remain relatively tight compared to long term trends for the city. Despite the tighter conditions, total year-to-date residential average prices have eased by nearly three per cent compared to last year. Like other parts of the province, conditions remain tight for lower priced product, while higher priced homes are seeing higher levels of supply relative to sales.