Saskatchewan real estate market is growing strong

The Saskatchewan real estate market continues to build on January’s momentum and outperformed last February. Across the province, sales were up over 74% from last February (and up 62.3% year-to-date, going from 663 to 1,157), new listings were essentially flat (and down 2.1% year-to-date, going from 1,775 to 1,773,) and the median sale price was up close to 3% (up 1.9% yearto-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 Moose Jaw and Yorkton seeing the strongest declines while Estevan and Weyburn saw the greatest increases), while the number of sales were 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, we also see 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 has certainly helped to channel pent-up demand from COVID and allowed the real estate market to continue its boom. Swift Current

Sales in Swift Current were down 5.9%, going from 17 in February 2020 to 16 in February 2021, and up 24.0% in the overall region, going from 25 to 31. In Swift Current, sales were 2.6% above the 5-year average (and 6.4% below the 10year average), while in the larger region, sales were 13.1% above the 5-year average (and 8.0% above the 10-year average). Year-to-Date (YTD) sales in Swift Current fell 5.7% over last year, decreasing from 35 to 33, while YTD sales in the larger region rose 15.1%, going from 53 to 61.

Sales volume was up 23.2% in the city, going from $3.9M to $4.8M in 2021 (28.2% above the 5-year average, and 18.1% above the 10-year average). YTD sales volume in the city was $9.7M, an increase of 22.9% from last year. In the region, sales volume was up 39.4%, going from $10.1M to $14.1M (29.9% above the 5-year average and 19.8% above the 10-year average). YTD sales volume increased 39.4% in the region, rising from $10.1M in 2020 to $14.1M in 2021.

In Swift Current, the number of new listings in February 2021 rose 5.7%, going from 35 to 37 (18.6% above the 5-year average and 21.3% above the 10-year average), while in the region, new listings fell 7.6% from 79 last year to 73 this year (11.3% below the 5-year average and 11.8% above the 10-year average). YTD new listings in the city rose 5.7%, going from 70 to 74, while in the larger region, the number of new listings to date rose 0.7%, going from 152 to 153. Active listings fell 14.6% in Swift Current (down from 192 to 164) and fell 14.6% in the region (down from 480 to 410).

Inventory in Swift Current stood at 10.2 months (which is 9.2% below the level last year and 2.3% below the 5-year average), while the sales to listing ratio was 43.2%, suggesting balanced market conditions. Inventory in the larger region stood at 13.2 months (which is 31.1% below the level last year and 16.0% below the 5-year average), while the sales to listing ratio was 42.5%, suggesting balanced market conditions.

Homes in Swift Current stayed on the market an average of 97 days in February—down 24.2% from 128 days last year (and above the 5-year average of 93 days and above the 10-year average of 85 days). Homes in the region stayed on the market longer than homes in the city at 127 days on average in 2021, but also down from an average of 142 days last year (and 10.2% above the 5-year average).

Moose Jaw

Sales in Moose Jaw were up 56.0%, going from 25 in February 2020 to 39 in February 2021, and up 71.9% in the overall region, going from 32 to 55. In Moose Jaw, sales were 36.4% above the 5-year average (and 23.0% above the 10-year average), while in the larger region, sales were 48.6% above the 5-year average (and 35.5% above the 10-year average). Year-to-Date (YTD) sales in Moose Jaw rose 51.0% over last year, increasing from 49 to 74, while YTD sales in the larger region rose 43.3%, going from 67 to 96.

Sales volume was up 27.5% in the city, going from $5.9M to $7.5M in 2021 (25.1% above the 5-year average, and 8.6% above the 10-year average). YTD sales volume in the city was $15.2M, an increase of 40.2% from last year. In the region, sales volume was up 54.2%, going from $13.0M to $20.0M (55.6% above the 5-year average and 39.7% above the 10-year average). YTD sales volume increased 54.2% in the region, rising from $13.0M in 2020 to $20.0M in 2021.

In Moose Jaw, the number of new listings in February 2021 rose 18.0%, going from 61 to 72 (2.0% above the 5-year average and 1.4% above the 10-year average), while in the region, new listings fell 7.7% from 104 last year to 96 this year (the same as the 5-year average and 0.7% below the 10-year average). YTD new listings in the city fell 8.0%, going from 138 to 127, while in the larger region, the number of new listings to date fell 13.2%, going from 212 to 184. Active listings fell 23.2% in Moose Jaw (down from 233 to 179) and fell 22.1% in the region (down from 462 to 360).

Inventory in Moose Jaw stood at 4.6 months (which is 50.8% below the level last year and 49.4% below the 5-year average), while the sales to listing ratio was 54.2%, suggesting balanced market conditions. Inventory in the larger region stood at 6.5 months (which is 54.7% below the level last year and 48.2% below the 5-year average), while the sales to listing ratio was 57.3%, suggesting balanced market conditions.

Homes in Moose Jaw stayed on the market an average of 57 days in February—down 29.6% from 81 days last year (but below the 5-year average of 82 days and below the 10-year average of 72 days). Homes in the region stayed on the market longer than homes in the city at 80 days on average in 2021, but also down from an average of 95 days last year (and 18.2% below the 5-year average).