The Saskatchewan real estate market continues to build on January’s momentum and outperformed last February, according to information from the Saskatchewan Realtors Association (SRA).
Across the province, sales were up over 74 per cent from last February, and were up 62.3 per cent year-to-date, going from 663 to 1,157. New listings were essentially flat in February, and down 2.1 per cent year-to-date, going from 1,775 to 1,773, and the median sale price was up close to three per cent, and up 1.9 per cent year-to-date, going from $265,000 to $272,000.
Inventories were also down in all 19 of the markets that the SRA tracks.
Median sales prices were up in 13 of the 19 markets that the SRA tracks, with Estevan and Weyburn seeing the greatest increases, and the number of sales was up in 18 of 19 markets.
“We’re seeing inventories dry up as people keep buying. At the same time, the number of new listings continues to fall in several markets, suggesting that supply is shrinking,” said Chris Gbekorbu, economic analyst.
This suggests that prices will continue to rise as fewer homes are available and buyers are forced to increase their bids to secure what’s available.
As prices continue to rise, however, the SRA is also seeing the number of new listings rise in certain markets.
“Rising prices could help to encourage would-be sellers, who having seen homes jump in value last year, don’t want to miss out on rising prices this year,” said Gbekorbu.
The safety precautions that the SRA put in place last April to help reassure the public that real estate is safe have certainly helped to channel pent-up demand from COVID and allowed the real estate market to continue its boom.
Sales in southeast Saskatchewan were up 64 per cent, going from 25 in February 2020 to 41 in February 2021, up 53 per cent from the five-year average and 25.8 per cent from the 10-year average.
The total number of sales in Estevan rose 30 per cent, going from 10 to 13, and rose 266.7 per cent in Weyburn, going from three to 11. Sales in Estevan were 38.3 per cent above the five-year average and 7.4 per cent above the 10-year average, while they were 83.3 per cent above the five-year average and 20.9 per cent above the 10-year average in Weyburn.
Year-to-date sales in the overall region were up 36.4 per cent over last year, going from 25 to 41, with year to date sales in Estevan rising from 18 to 21, and 14 to 18 in Weyburn.
Sales volume in the region rose 142.9 per cent going from $4.0 million to $9.7 million in 2021 (60.8 per cent above the five-year average and 29.2 per cent above the 10-year average). Sales volume in Estevan rose 53.7 per cent – $3.0 million to $4.7 million in 2021 (32.2 per cent above the five-year average and 3.2 per cent below the 10-year average), while it increased 437.1 per cent in Weyburn, from approximately $600,000 to $3.2 million (92.0 per cent above the five-year average and 35.9 per cent above the 10-year average).
Year to date sales volume in the region rose from $10.0 million to $16.2 million in 2021 (an increase of 61.1 per cent), with Estevan seeing a 53.7 per cent rise and Weyburn seeing a 28.6 per cent increase in the year-to-date sales volume.
The number of new listings in southeast Saskatchewan was flat at 86 (1.4 per cent below the five-year average and 17.5 per cent below the 10-year average). The number of new listings in Estevan was down from 17 last year to 16 this year, while in Weyburn, new listings decreased from 24 last year to 19 this year.
Active listings were down 22 per cent across the region, from 776 in 2020 to 605 in 2021, down 22.5 per cent in Estevan from 142 to 110, and down 29.5 per cent in Weyburn from 176 to 124.
Inventory in south east Saskatchewan stood at 14.8 months, which is 52.5 per cent below the level in 2020 and 48.3 per cent below the five-year average), while the sales to listing ratio was 47.7 per cent, suggesting balanced market conditions. Inventory in Estevan stood at 8 1/2 months (which is 40.4 per cent below the level last year and 59.7 per cent below the five-year average), while the sales to listing ratio was 81.2 per cent, suggesting that market conditions favour sellers.
Inventory in Weyburn stood at 11.3 months (which is 80.8 per cent below the level last year and 78.5 per cent below the five-year average), while the sales to listing ratio was 57.9 per cent, suggesting balanced market conditions.
In 2021, homes stayed on the market an average of 122 days in southeast Saskatchewan, up 10.9 per cent from 110 days last year (and 2.9 per cent above the five-year average of 119 days and 17.1 per cent above the 10-year average of 104 days).
Homes in Estevan stayed on the market longer than homes in the larger region at 127 days on average in 2021, but also up from an average of 86 days last year and 21.2 per cent above the five-year average.
Homes in Weyburn stayed on the market longer than homes in the larger region at 163 days on average in 2021, but also up from an average of 29 days last year, and 28.8 per cent above the five-year average.
