The local real estate market has lost some of its momentum from earlier this year, but interest remains in local properties, according to the owners of Estevan's two real estate firms.

Lorna Pylychaty with RE/Max Progressive Realty and Lynn Chipley from Century 21 Border Real Estate Service say that it is ordinary for demand to dissipate during the summer months.

There are nearly 100 listings in the Estevan area right now, they said. That is nearly double the amount that was available earlier this year.

“That has caused prices to soften a little bit,” said Pylychaty. “The sellers are now a little bit more negotiable on their prices. They have probably reduced three to five per cent off the asking price.”

Pylychaty said that even though sales decreased during the summer, there are people who want to purchase. RE/Max agents have been busy showing homes, she said.

Sales are starting to pick up again, Pylychaty said.

Estevan is often in it's “own little world” when it comes to real estate, Pylychaty said, thanks to the oil industry, as well as the presence of the coal mines and the power stations. The city hasn’t experienced the wild price fluctuations that other Canadian markets have had in the last two years.

Pylychaty predicted that the number of listings will remain stable in the last four months in 2010.

“With the new condo construction that is going on in Estevan, we'll see more people moving out of their homes and into their condos,” said Pylychaty.

Chipley said that Estevan’s real estate market is rarely in a perfect balance for buyers and sellers. Earlier this year it was definitely a seller’s market. Now it is more of a buyer’s market.

Several properties are available in every price range, she said. Even mobile homes are available in greater supply than they have been in the past.

“It will pick up in September, it typically does once holiday season is over, and people make decisions to move here when maybe they didn't want to be bothered with that kind of decision earlier in the summer,” said Chipley.

People have to be prepared for their property selling for less than a home in a similar price range sold for earlier this year.

“If we have 28 houses between $250,000 and $300,000, and we only sell two or three a month, how do you make yours stand out?” said Chipley.

Despite the summer lull, 220 properties were sold through the first seven months of 2010, Chipley said, compared with 179 in the first seven months of 2009.