Yorkton-area properties in high demand as real estate market takes off
YORKTON -- It’s a sellers’ market in the Yorkton-area as local real estate agents see transactions soar and properties fly off the market.
Corey Werner, broker and owner of CORE Real Estate Inc, said their inventory is about 100 listings less than typical for the spring market.
"We really haven't seen this low of inventory in, I’m almost in real estate 20 years, so it's just been like extremely low," said Werner.
The realtor team at RE/MAX Blue Chip Realty is also seeing low inventory.
"Right now I believe it's about 90, there's usually between 150 to 200 normally," said Robert Kozak, broker and owner of RE/MAX Blue Chip Realty.
Although, according to the numbers, despite there only being a small number of properties to choose from people are buying.
Kozak said they made almost four times the transactions last month compared to last January, and are expecting to see this month nearly double.
"Right now, year-to-date, we're at about 37 sales, like residential sales in this city, and last year there was only 15," said Werner.
The realtors are seeing a mix of first-time buyers, those looking to upgrade and investors wanting to get back into the market because of the low interest rate.
They said buying a home right now is a game of patience – waiting for the right listing to come along, then striking quickly when it is found.
"Getting that pre-approval in place is definitely important when the inventory's low because you have to be able to act pretty fast, otherwise there's going to be multiple offers on that property," explained Werner.
While properties are in high demand buyers are still getting what they want, and they are not overpaying for them.
"Buyers are really educated these days,” said Kozak. “They know their price points, they know where they need to be. They're not going to overpay, but they're going to pay close to list, that's for sure."
Another phenomenon Kozak has seen is the demand for recreational homes.
"Lake properties have been crazy. They've just been flying off the market, even in the winter time they’ve still been selling and selling quickly."
Werner said he expects to see more properties hitting the market next month for those who are looking for their dream home.