Saskatchewan real estate market remains steady

June 3, 2021

For immediate release:

Media Release 2021-06-03

The Saskatchewan real estate market remains strong. Across the province, there were 1,853 homes sold (up over 67% from last May and up 88.9% year-to-date, going from 3,978 to 7,513), new listings were up over 14% (and up 26.7% year-to-date, going from 2,019 to 2,556,) and the MLS® Home Price Index composite was up 11.2% (up 8.4% year-to-date, going from $265,800 to $288,300). Inventories—a measure of how many months until there are no active listings given current sales levels— were also down in all 24 markets that the SRA tracks.

“May was about as strong April,” said Chris Gbekorbu, SRA’s Economic Analyst. This month-over-month leveling off in activity is expected. “Markets have been gaining momentum since last May when some pandemic restrictions were lifted. And at some point, things need to start to steady,” said Gbekorbu. But market indicators suggest that the current pace should hold.

Strong demand combined with falling inventory levels continues to put upward pressure on prices. The MLS® Home Price Index (HPI) composite was up in 13 of the 15 markets where these data are available (with Estevan and Weyburn showing declines of 5.9% and 1.8% respectively, while Swift Current and Meadow Lake saw the greatest increases), while the number of sales were up in 23 of 24 markets.

It’s still too early to tell what kind of an impact the new mortgage rules will have on markets. According to Gbekorbu, “When new regulations were introduced in 2018, we saw a jump in sales right before the new rules came into effect followed by a drop in sales after.” While sales and prices may fall a little in the coming months as buyers reevaluate their finances, the drop is likely to be temporary. “The rules introduced in 2018 saw prices fall just over 1% across the province, but they’ve continued climbing,” said Gbekorbu.

Saskatoon and Region (including Martensville, Warman, and Humboldt)

Sales were up 76.7% in Saskatoon (going from 326 to 576), up 28.6% in Martensville (going from 21 to 27), and up 88.9% in Warman (going from 18 to 34). In Humboldt, sales were up 27.3% (going from 11 to 14), while in the larger region, sales were up 68.1% (going from 470 to 790). Sales in Saskatoon were 36.4% above the 5-year average (and 33.8% above the 10-year average), 33.7% above the 5-year average (and 18.9% above the 10-year average) in Martensville, and 27.8% above the 5-year average (and 8.3% above the 10-year average) in Warman. In Humboldt, sales were 1.4% above the 5-year average (and 10.2% above the 10-year average), while in the larger region, sales were 35.6% above the 5-year average (and 31.7% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 84.5% over last year (increasing from 1,261 to 2,326), rose 56.7% in Martensville (increasing from 67 to 105), and rose 128.1% in Warman (increasing from 64 to 146). Year-to-Date (YTD) sales in Humboldt rose 132.1% over last year (increasing from 28 to 65), while YTD sales in the larger region rose 84.7% (going from 1,737 to 3,209).

Sales volume was up 90.1% in the Saskatoon, going from $117.1M to $222.7M in 2021 (48.2% above the 5-year average, and 45.5% above the 10-year average). In Martensville, sales volume was up 56.4%, going from $6.1M to $9.6M (41.7% above the 5-year average, and 29.0% above the 10-year average) and in Warman, sales volume was up 121.7%, going from $6.3M to $14.0M (42.2% above the 5-year average, and 21.7% above the 10-year average). Sales volume was up 51.4% in Humboldt, going from $2.5M to $3.7M (14.9% above the 5-year average, and 19.7% above the 10-year average), while in the region, sales volume was up 88.6%, going from $154.3M to $290.9M (48.2% above the 5-year average, and 45.2% above the 10-year average). YTD sales volume in Saskatoon was $855.4M (an increase of 99.5% from last year), $36.0M in Martensville (an increase of 78.8% from last year), and $57.2M in Warman (an increase of 140.1% from last year). YTD sales volume in Humboldt was $15.6M (an increase of 170.5% from last year), while in the region, YTD sales volume was $1,121.3M (an increase of 102.0% from last year).

In Saskatoon, the number of new listings in May 2021 rose 34.4%, going from 755 to 1,015 (8.9% above the 5-year average and 9.6% above the 10-year average). The number of new listings rose 44.8% in Martensville, going from 29 to 42 (5.8% below the 5-year average and 7.9% below the 10-year average) and rose 6.4% in Warman, going from 47 to 50 (9.4% below the 5-year average and 16.4% below the 10-year average). In Humboldt, the number of new listings fell 76.2%, going from 63 to 15 (52.2% below the 5-year average and 43.4% below the 10-year average), while in the region, new listings rose 16.9%, going from 1,151 last year to 1,346 this year (0.6% below the 5-year average and 1.2% below the 10-year average). YTD new listings in Saskatoon rose 38.6% (going from 577 to 800), rose 34.6% in Martensville (going from 25 to 34), and rose 19.0% in Warman (going from 35 to 41). In Humboldt, YTD new listings fell 22.7% (going from 22 to 17), while in the larger region, the number of new listings to date rose 29.8%, going from 836 to 1,085. Active listings rose 4.4% in Saskatoon (up from 1,524 to 1,591), were flat at 73 Martensville, fell 38.7% in Warman (down from 119 to 73), fell 29.9% in Humboldt (down from 97 to 68), and fell 8.8% in the region (down from 2,753 to 2,511).

Inventory in Saskatoon stood at 2.8 months (which is 40.9% below the level last year and 37.6% below the 5-year average), while the sales to listing ratio was 56.7%, suggesting balanced market conditions. Inventory in Martensville stood at 2.7 months (which is 22.2% below the level last year and 49.7% below the 5-year average), while the sales to listing ratio was 64.3%, suggesting that market conditions favour sellers. Inventory in Warman stood at 2.1 months (which is 67.5% below the level last year and 54.7% below the 5-year average), while the sales to listing ratio was 68.0%, suggesting that market conditions favour sellers. Inventory in Humboldt stood at 4.9 months (which is 44.9% below the level last year and 31.7% below the 5-year average), while the sales to listing ratio was 93.3%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 3.2 months (which is 45.7% below the level last year and 42.8% below the 5-year average), while the sales to listing ratio was 58.7%, suggesting balanced market conditions.

Homes in Saskatoon stayed on the market an average of 34 days in May, down 29.2% from 48 days last year (but below the 5-year average of 45 days and below the 10-year average of 40 days). Homes in Martensville stayed on the market an average of 26 days, down 61.2% from 67 days last year (but below the 5-year average of 54 days and below the 10-year average of 49 days) while homes in Warman stayed on the market an average of 32 days, down 39.6% from 53 days last year (but below the 5-year average of 50 days and below the 10-year average of 52 days). Humboldt saw Homes stay on the market an average of 70 days, down 38.1% from 113 days last year (but below the 5-year average of 108 days and below the 10-year average of 96 days), and homes in the region were on the market an average of 41 days, also down from an average of 59 days last year (and 22.1% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. Saskatoon saw the price of the benchmark single family home rise 13.1% year-over-year, going from $292,000 to $330,300. The price of the benchmark single family home in Martensville rose 12.9% (going from $353,000 to $398,500) and also rose by 15.6% in Warman (going from $359,000 to $414,900). The price of the benchmark single family home in Humboldt rose 21.5% (going from $172,300 in 2020 to $209,400 this year).

Regina and Region

Sales in Regina were up 65.4% going from 234 in May 2020 to 387 in May 2021, and up 66.6% in the overall region, going from 293 to 488. In Regina, sales were 27.6% above the 5-year average (and 22.7% above the 10-year average), while in the larger region, sales were 31.5% above the 5-year average (and 29.3% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 84.0% over last year, increasing from 855 to 1,573, while YTD sales in the larger region rose 86.3%, going from 1,036 to 1,930.

Sales volume was up 84.2% in the city, going from $69.4M to $127.9M in 2021 (31.6% above the 5-year average, and 25.2% above the 10-year average). In the region, sales volume was up 89.7%, going from $86.3M to $163.6M (37.9% above the 5-year average, and 34.7% above the 10-year average). YTD sales volume in the city was $502.8M, an increase of 98.1% from last year, while in the region, YTD sales volume was $627.0M, an increase of 102.6% from last year.

In Regina, the number of new listings in May 2021 rose 33.2%, going from 485 to 646 (3.0% above the 5-year average and 3.5% above the 10-year average), while in the region, new listings rose 24.3%, going from 642 last year to 798 this year (3.3% below the 5-year average and 1.8% below the 10-year average). YTD new listings in the city rose 41.6%, going from 380 to 538, while in the larger region, the number of new listings to date rose 32.8%, going from 492 to 654. Active listings rose 5.2% in Regina (up from 1,242 to 1,307) and fell 6.6% in the region (down from 1,769 to 1,653).

Inventory in Regina stood at 3.4 months (which is 36.4% below the level last year and 31.0% below the 5-year average), while the sales to listing ratio was 59.9%, suggesting balanced market conditions. Inventory in the larger region stood at 3.4 months (which is 43.9% below the level last year and 39.7% below the 5-year average), while the sales to listing ratio was 61.2%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 42 days in May, down 31.1% from 61 days last year (but below the 5-year average of 49 days and above the 10-year average of 40 days). Homes in the region stayed on the market longer than homes in the city at 43 days on average in 2021, also down from an average of 65 days last year (and 16.7% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Regina rise 8.1% year-over-year, going from $246,000 to $266,000.

Melfort and Region

Sales in Melfort were up 75.0% going from 8 in May 2020 to 14 in May 2021, and up 110.5% in the overall region, going from 19 to 40. In Melfort, sales were 62.8% above the 5-year average (and 44.3% above the 10-year average), while in the larger region, sales were 46.0% above the 5-year average (and 48.1% above the 10-year average). Year-to-Date (YTD) sales in Melfort rose 222.2% over last year, increasing from 18 to 58, while YTD sales in the larger region rose 193.1%, going from 58 to 170.

Sales volume was up 118.6% in the city, going from $1.6M to $3.4M in 2021 (84.4% above the 5-year average, and 63.9% above the 10-year average). In the region, sales volume was up 209.7%, going from $3.0M to $9.3M (77.2% above the 5-year average, and 92.8% above the 10-year average). YTD sales volume in the city was $13.1M, an increase of 266.0% from last year, while in the region, YTD sales volume was $32.6M, an increase of 268.7% from last year.

In Melfort, the number of new listings in May 2021 rose 216.7%, going from 6 to 19 (30.1% above the 5-year average and 1.1% above the 10-year average), while in the region, new listings rose 42.6%, going from 47 last year to 67 this year (11.7% above the 5-year average and 0.9% above the 10-year average). YTD new listings in the city rose 114.3%, going from 7 to 15, while in the larger region, the number of new listings to date rose 51.9%, going from 31 to 47. Active listings fell 12.8% in Melfort (down from 47 to 41) and fell 18.0% in the region (down from 206 to 169).

Inventory in Melfort stood at 2.9 months (which is 50.2% below the level last year and 50.0% below the 5-year average), while the sales to listing ratio was 73.7%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.2 months (which is 61.0% below the level last year and 48.9% below the 5-year average), while the sales to listing ratio was 59.7%, suggesting balanced market conditions.

Homes in Melfort stayed on the market an average of 59 days in May, down 39.8% from 98 days last year (and above the 5-year average of 58 days and below the 10-year average of 65 days). Homes in the region stayed on the market longer than homes in the city at 92 days on average in 2021, also down from an average of 115 days last year (and 1.9% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Melfort rise 16.6% year-over-year, going from $175,300 to $204,400.

Moose Jaw and Region

Sales in Moose Jaw were up 125.0% going from 32 in May 2020 to 72 in May 2021, and up 129.3% in the overall region, going from 41 to 94. In Moose Jaw, sales were 32.8% above the 5-year average (and 13.9% above the 10-year average), while in the larger region, sales were 34.7% above the 5-year average (and 16.6% above the 10-year average). Year-to-Date (YTD) sales in Moose Jaw rose 112.1% over last year, increasing from 132 to 280, while YTD sales in the larger region rose 89.1%, going from 192 to 363.

Sales volume was up 146.6% in the city, going from $7.6M to $18.8M in 2021 (34.4% above the 5-year average, and 13.0% above the 10-year average). In the region, sales volume was up 189.9%, going from $8.4M to $24.4M (44.3% above the 5-year average, and 24.1% above the 10-year average). YTD sales volume in the city was $66.4M, an increase of 127.9% from last year, while in the region, YTD sales volume was $83.5M, an increase of 129.0% from last year.

In Moose Jaw, the number of new listings in May 2021 rose 92.1%, going from 63 to 121 (12.0% above the 5-year average and 3.7% above the 10-year average), while in the region, new listings rose 50.5%, going from 103 last year to 155 this year (0.6% above the 5-year average and 7.2% below the 10-year average). YTD new listings in the city rose 38.1%, going from 67 to 93, while in the larger region, the number of new listings to date rose 20.9%, going from 104 to 126. Active listings rose 0.4% in Moose Jaw (up from 244 to 245) and fell 11.0% in the region (down from 473 to 421).

Inventory in Moose Jaw stood at 3.4 months (which is 55.4% below the level last year and 42.4% below the 5-year average), while the sales to listing ratio was 59.5%, suggesting balanced market conditions. Inventory in the larger region stood at 4.5 months (which is 61.2% below the level last year and 41.8% below the 5-year average), while the sales to listing ratio was 60.6%, suggesting that market conditions favour sellers.

Homes in Moose Jaw stayed on the market an average of 48 days in May, down 42.2% from 83 days last year (but below the 5-year average of 68 days and below the 10-year average of 56 days). Homes in the region stayed on the market longer than homes in the city at 57 days on average in 2021, also down from an average of 93 days last year (and 23.8% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Moose Jaw rise 11.1% year-over-year, going from $204,200 to $226,900.

North Battleford and Region (including Meadow Lake)

Sales in North Battleford were up 112.5% (going from 16 to 34), up 100.0% in Meadow Lake (going from 5 to 10), and up 75.9% in the overall region, going from 54 to 95. In North Battleford, sales were 30.8% above the 5-year average (and 10.7% above the 10-year average), and were 78.6% above the 5-year average (and 47.1% above the 10-year average) in Meadow Lake, while in the larger region, sales were 36.5% above the 5-year average (and 23.4% above the 10-year average). Year-to-Date (YTD) sales in North Battleford rose 67.9% over last year, increasing from 81 to 136, rose 140.0% in Meadow Lake (going from 15 to 36), and rose 82.1% in the larger region, going from 207 to 377.

Sales volume was up 158.2% in North Battleford, going from $3.2M to $8.4M in 2021 (37.1% above the 5-year average, and 16.9% above the 10-year average), and was up 83.5% in Meadow Lake, going from $1.6M to $2.9M (85.3% above the 5-year average, and 71.4% above the 10-year average). In the region, sales volume was up 112.3%, going from $10.9M to $23.2M (43.2% above the 5-year average, and 36.3% above the 10-year average). YTD sales volume in North Battleford was $31.0M, an increase of 122.0% from last year, $10.4M in Meadow Lake, an increase of 187.4%, and was $88.6M in the larger region (an increase of 131.7% from last year).

In North Battleford, the number of new listings in May 2021 fell 5.0%, going from 40 to 38 (30.4% below the 5-year average and 35.8% below the 10-year average), but rose 50.0% in Meadow Lake, going from 8 last year to 12 (14.3% below the 5-year average and 19.5% below the 10-year average). In the region, new listings fell 3.4%, going from 148 last year to 143 this year (21.8% below the 5-year average and 28.2% below the 10-year average). YTD new listings in North Battleford rose 20.3%, going from 38 to 46, but rose 58.8% in Meadow Lake, going from 7 to 11, while in the larger region, the number of new listings to date rose 22.5%, going from 114 to 139. Active listings fell 32.5% in North Battleford (down from 194 to 131), fell 9.3% in Meadow Lake (down from 43 to 39), and fell 22.0% in the region (down from 760 to 593).

Inventory in North Battleford stood at 3.9 months (which is 68.2% below the level last year and 49.8% below the 5-year average), while the sales to listing ratio was 89.5%, suggesting that market conditions favour sellers. Inventory in Meadow Lake stood at 3.9 months (which is 54.7% below the level last year and 59.1% below the 5-year average), while the sales to listing ratio was 83.3%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 6.2 months (which is 55.6% below the level last year and 44.2% below the 5-year average), while the sales to listing ratio was 66.4%, suggesting that market conditions favour sellers.

Homes in North Battleford stayed on the market an average of 84 days in May, down 35.4% from 130 days last year (but below the 5-year average of 90 days and above the 10-year average of 72 days). Homes in Meadow Lake stayed on the market an average of 41 days in May, down 65.3% from 118 days last year (but below the 5-year average of 81 days and below the 10-year average of 75 days). Homes in the region stayed on the market for 100 days on average in 2021, also down from an average of 118 days last year (and 1.6% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. North Battleford saw the price of the benchmark single family home rise 20.8% year-over-year, going from $181,000 to $218,600 while the price of the benchmark single family home in Meadow Lake rose 20.9% (going from $229,400 to $277,300).

Prince Albert and Region

Sales in Prince Albert were up 36.1% going from 36 in May 2020 to 49 in May 2021, and up 52.2% in the overall region, going from 67 to 102. In Prince Albert, sales were 16.1% above the 5-year average (and 4.3% above the 10-year average), while in the larger region, sales were 34.9% above the 5-year average (and 32.8% above the 10-year average). Year-to-Date (YTD) sales in Prince Albert rose 100.0% over last year, increasing from 117 to 234, while YTD sales in the larger region rose 115.9%, going from 195 to 421.

Sales volume was up 51.5% in the city, going from $8.2M to $12.5M in 2021 (24.6% above the 5-year average, and 8.8% above the 10-year average). In the region, sales volume was up 57.1%, going from $16.7M to $26.3M (44.2% above the 5-year average, and 42.0% above the 10-year average). YTD sales volume in the city was $56.6M, an increase of 136.0% from last year, while in the region, YTD sales volume was $109.3M, an increase of 160.9% from last year.

In Prince Albert, the number of new listings in May 2021 rose 26.2%, going from 61 to 77 (18.8% below the 5-year average and 21.5% below the 10-year average), while in the region, new listings fell 10.8%, going from 157 last year to 140 this year (26.6% below the 5-year average and 31.8% below the 10-year average). YTD new listings in the city rose 31.9%, going from 55 to 72, while in the larger region, the number of new listings to date rose 15.3%, going from 111 to 128. Active listings fell 9.0% in Prince Albert (down from 267 to 243) and fell 25.0% in the region (down from 611 to 458).

Inventory in Prince Albert stood at 5.0 months (which is 33.1% below the level last year and 30.2% below the 5-year average), while the sales to listing ratio was 63.6%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.5 months (which is 50.8% below the level last year and 49.0% below the 5-year average), while the sales to listing ratio was 72.9%, suggesting that market conditions favour sellers.

Homes in Prince Albert stayed on the market an average of 68 days in May, down 19.0% from 84 days last year (but below the 5-year average of 78 days and below the 10-year average of 74 days). Homes in the region stayed on the market longer than homes in the city at 88 days on average in 2021, also down from an average of 96 days last year (and 3.3% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Prince Albert rise 15.1% year-over-year, going from $163,400 to $188,100.

Swift Current and Region

Sales in Swift Current were up 225.0% going from 12 in May 2020 to 39 in May 2021, and up 146.4% in the overall region, going from 28 to 69. In Swift Current, sales were 48.9% above the 5-year average (and 31.3% above the 10-year average), while in the larger region, sales were 37.5% above the 5-year average (and 31.9% above the 10-year average). Year-to-Date (YTD) sales in Swift Current rose 87.2% over last year, increasing from 78 to 146, while YTD sales in the larger region rose 95.4%, going from 131 to 256.

Sales volume was up 215.1% in the city, going from $3.6M to $11.3M in 2021 (47.8% above the 5-year average, and 38.6% above the 10-year average). In the region, sales volume was up 192.1%, going from $5.1M to $15.0M (40.9% above the 5-year average, and 36.1% above the 10-year average). YTD sales volume in the city was $41.4M, an increase of 121.1% from last year, while in the region, YTD sales volume was $56.1M, an increase of 123.8% from last year.

In Swift Current, the number of new listings in May 2021 rose 24.4%, going from 45 to 56 (1.8% below the 5-year average and consistent with the 10-year average), while in the region, new listings were flat at 102 (14.6% below the 5-year average and 15.1% below the 10-year average). YTD new listings in the city rose 25.9%, going from 39 to 50, while in the larger region, the number of new listings to date rose 16.5%, going from 81 to 95. Active listings fell 6.9% in Swift Current (down from 204 to 190) and fell 10.8% in the region (down from 489 to 436).

Inventory in Swift Current stood at 4.9 months (which is 71.3% below the level last year and 35.9% below the 5-year average), while the sales to listing ratio was 69.6%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 6.3 months (which is 63.8% below the level last year and 35.3% below the 5-year average), while the sales to listing ratio was 67.6%, suggesting that market conditions favour sellers.

Homes in Swift Current stayed on the market an average of 69 days in May, down 23.3% from 90 days last year (but below the 5-year average of 76 days and above the 10-year average of 68 days). Homes in the region stayed on the market longer than homes in the city at 92 days on average in 2021, but up from an average of 89 days last year (and 1.8% above the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Swift Current rise 24.0% year-over-year, going from $210,000 to $260,300.

Yorkton and Region (including Melville)

Sales in Yorkton were up 37.5% (going from 24 to 33), down 10.0% in Melville (going from 10 to 9) , and up 32.1% in the overall region, going from 81 to 107. In Yorkton, sales were 34.1% above the 5-year average (and 31.0% above the 10-year average), and were 21.6% above the 5-year average (and 52.5% above the 10-year average) in Melville, while in the larger region, sales were 23.3% above the 5-year average (and 26.5% above the 10-year average). Year-to-Date (YTD) sales in Yorkton rose 94.4% over last year, increasing from 72 to 140, rose 25.9% in Melville (going from 27 to 34), and rose 98.1% in the larger region, going from 260 to 515.

Sales volume was up 60.3% in Yorkton, going from $5.8M to $9.3M in 2021 (50.1% above the 5-year average, and 53.2% above the 10-year average), and was up 29.9% in Melville, going from $1.1M to $1.4M (52.1% above the 5-year average, and 56.3% above the 10-year average). In the region, sales volume was up 60.4%, going from $12.6M to $20.2M (35.2% above the 5-year average, and 40.4% above the 10-year average). YTD sales volume in Yorkton was $35.0M, an increase of 132.7% from last year, $5.6M in Melville, an increase of 96.4%, and was $90.9M in the larger region (an increase of 149.3% from last year).

In Yorkton, the number of new listings in May 2021 fell 2.9%, going from 35 to 34 (28.0% below the 5-year average and 31.3% below the 10-year average), but rose 30.0% in Melville, going from 10 last year to 13 (16.7% below the 5-year average and 3.7% below the 10-year average). In the region, new listings fell 3.3%, going from 181 last year to 175 this year (19.6% below the 5-year average and 20.9% below the 10-year average). YTD new listings in Yorkton rose 17.3%, going from 35 to 41, but rose 12.2% in Melville, going from 10 to 11, while in the larger region, the number of new listings to date rose 7.0%, going from 149 to 159. Active listings fell 38.7% in Yorkton (down from 173 to 106), fell 20.8% in Melville (down from 53 to 42), and fell 19.8% in the region (down from 928 to 744).

Inventory in Yorkton stood at 3.2 months (which is 55.4% below the level last year and 54.9% below the 5-year average), while the sales to listing ratio was 97.1%, suggesting that market conditions favour sellers. Inventory in Melville stood at 4.7 months (which is 11.9% below the level last year and 40.0% below the 5-year average), while the sales to listing ratio was 69.2%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 7.0 months (which is 39.3% below the level last year and 37.6% below the 5-year average), while the sales to listing ratio was 61.1%, suggesting that market conditions favour sellers.

Homes in Yorkton stayed on the market an average of 56 days in May, down 44.6% from 101 days last year (but below the 5-year average of 70 days and below the 10-year average of 79 days). Homes in Melville stayed on the market an average of 137 days in May, up 18.1% from 116 days last year (and above the 5-year average of 109 days and above the 10-year average of 104 days). Homes in the region stayed on the market for 94 days on average in 2021, also down from an average of 120 days last year (and 13.3% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. Yorkton saw the price of the benchmark single family home rise 5.0% year-over-year, going from $195,700 to $205,500 while the price of the benchmark single family home in Melville rose 9.1% (going from $103,400 to $112,800).

South East Saskatchewan and Region (including Estevan and Weyburn)

Sales in Estevan were up 46.2% (going from 13 to 19), up 50.0% in Weyburn (going from 14 to 21), and up 26.9% in the overall region, going from 52 to 66. In Estevan, sales were 23.4% above the 5-year average (and 0.5% below the 10-year average), and were 34.6% above the 5-year average (and 7.7% above the 10-year average) in Weyburn, while in the larger region, sales were 21.8% above the 5-year average (and 8.7% above the 10-year average). Year-to-Date (YTD) sales in Estevan rose 80.0% over last year, increasing from 40 to 72, rose 63.2% in Weyburn (going from 38 to 62), and rose 71.2% in the larger region, going from 153 to 262.

Sales volume was up 60.3% in Estevan, going from $2.6M to $4.1M in 2021 (5.2% above the 5-year average, and 21.6% below the 10-year average), and was up 42.3% in Weyburn, going from $3.8M to $5.3M (34.7% above the 5-year average, and 3.1% above the 10-year average). In the region, sales volume was up 50.7%, going from $9.5M to $14.3M (22.5% above the 5-year average, and 1.0% below the 10-year average). YTD sales volume in Estevan was $15.0M, an increase of 93.2% from last year, $16.4M in Weyburn, an increase of 84.4%, and was $54.6M in the larger region (an increase of 99.7% from last year).

In Estevan, the number of new listings in May 2021 rose 29.6%, going from 27 to 35 (8.4% below the 5-year average and 15.5% below the 10-year average), but rose 3.6% in Weyburn, going from 28 last year to 29 (13.7% below the 5-year average and 17.4% below the 10-year average). In the region, new listings fell 0.7%, going from 136 last year to 135 this year (13.4% below the 5-year average and 11.9% below the 10-year average). YTD new listings in Estevan rose 22.2%, going from 23 to 29, but rose 13.2% in Weyburn, going from 23 to 26, while in the larger region, the number of new listings to date rose 21.6%, going from 97 to 118. Active listings fell 7.1% in Estevan (down from 140 to 130), fell 15.8% in Weyburn (down from 158 to 133), and fell 6.6% in the region (down from 726 to 678).

Inventory in Estevan stood at 6.8 months (which is 36.5% below the level last year and 39.9% below the 5-year average), while the sales to listing ratio was 54.3%, suggesting balanced market conditions. Inventory in Weyburn stood at 6.3 months (which is 43.9% below the level last year and 40.6% below the 5-year average), while the sales to listing ratio was 72.4%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 10.3 months (which is 26.4% below the level last year and 29.3% below the 5-year average), while the sales to listing ratio was 48.9%, suggesting balanced market conditions.

Homes in Estevan stayed on the market an average of 111 days in May, up 5.7% from 105 days last year (and above the 5-year average of 107 days and above the 10-year average of 92 days). Homes in Weyburn stayed on the market an average of 84 days in May, down 23.6% from 110 days last year (but below the 5-year average of 99 days and below the 10-year average of 90 days). Homes in the region stayed on the market for 118 days on average in 2021, also down from an average of 124 days last year (and 3.5% above the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. Estevan saw the price of the benchmark single family home fall 5.9% year-over-year, going from $202,900 to $191,000 while the price of the benchmark single family home in Weyburn fell 1.8% (going from $221,200 to $217,300).

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For interviews and more information:

 

Samantha Krahn

Director of External & Government Relations

Saskatchewan REALTORS® Association

samantha@sra.ca

306.229.4048