The Saskatoon market started the year off on a positive note. Sales in the city were up 9% to 219 from 201 in 2019, and up 6.2% in the region with 290 sales over last year’s 273. This is well above the 5-year average of 265 and 10-year average of 278.
Sales dollar volume is also up – 18% in the city to $71.5M and 7.9% in the region to $90.2M.
At the same time, listings increased only slightly over last year with 811 new January listings in the region up 3% from 787 in 2019, bringing the total number of active listings to 2520. 571 listings in the city are up 2.7% from 556 for a total of 1372 active listings.
The ratio of sales to new listings for the month was 36% in the region and 38% in Saskatoon, suggesting a slight lean towards a buyer’s market. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market, and above 60% is considered to be a market favouring sellers.
Homes are spending an average of 76.6 days on the market in the region, down 4.5% from 80.2 last year and 67.5 days in the city up 6.6% from 2019’s 63.3.
The average home price in the city is $326,278, up 8.3% from 2019, while the region average price is $311,127 – up 1.5%. The MLS® Home Price Index (HPI), a more accurate measure of housing price trends, reported a composite benchmark price of $286,500 – down only $300 or 0.1% from 2019.
“The increased sales combined with lower inventories and lower than average home prices are starting to cause a price shift. We’ve seen prices steadily decreasing for some time now – with average prices up last month and MLS® HPI prices virtually on par with last year we’ll be watching closely to see if this trend continues,” says Jason Yochim, CEO of the Saskatchewan REALTORS® Association (SRA).
Regina and region residential sales started slowly in 2020. Sales were down over 20% in both city and region. The region saw a decrease from 171 sales last year to 136, down from the 5-year average of 154 and 10-year average of 170. In the city, sales were down to 115 from 144 in 2019.
Sales dollar volume was down – 21.5% in the region from $48.8M in 2019 to $38.3M last month and down 27.7% in the city to $30.3M.
Listings were also down – 12.5% in the city from 393 to 344 and down 9.2% in the region from 480 to 436.
The sales to listing ratio was 31% in the region and 33% in the city, indicating conditions favourable to buyers. There are currently 1560 active listings, down from 1721 last year, but above the 5-year average or 1521 and 10-year average of 1281.
In the city, homes spent an average 85.1 days on the market, up 14.2% from 74.5 at the same time last year. In the region, time on market also increased, up 5.5% from 83.8 days in 2019 to 88.4 last month.
Average prices are down 9.5% from last year, at $263,270 in the city, and down 1.4% to $281,257 in the region. The MLS® HPI composite benchmark price decreased 6.9% from $268,200 last year to $249,800.
“It’s disappointing to see the new year start with such weak demand in the residential market in Regina. Like any market, however, real estate dips and swells and with prices as low as they are, right now is a great time to buy,” says Yochim.
The city of Melfort as well as the region as a whole saw decreased sales in January. The region sold 3 fewer homes in 2020 than the same period in 2019, down 21.4% from 14 to 11. Within the city, only 3 homes sold in the month, leading to a sales decrease of 40% over the 5 sales last year.
This decline is reflected in sales volume which decreased 23.4% in the region from $2.07M in 2019 to $1.59M last month. In the city sales volume dipped 13.6% to $624,000 from $722,400 last year.
Listings were also down 15.8% from 38 to 32, leading to a sales to listing ratio of 34%, suggesting a buyer’s market. There were 222 active listings, right on par with last year, and similar to the 5-year average of 221 but slightly below the 10-year average of 234.
Homes remained on the market for an average of 179.6 days, up 45.3% from 123.6 days last year. The average price of $144,127 in the region was down 2.5%, however in the city, was up 44% from $144,480 to $208,000.
Sales in Moose Jaw were positive in January, with the region seeing an increase of 44% from 25 last year to 36. In the city, sales were up 13.6% from 22 to 25, leading to sales dollar volume increases of 8.4% in the city to $5.3M and a 25% increase in the region to $6.6M.
Listings were also up in both the city and region. Moose Jaw saw a 42.6% increase from 54 in 2019 to 77, and the region was up 35.4% from 79 to 107. Active listings are down to 434 from 455 last year, but still above the 5-year average of 417 and 10-year average of 367. The sale to listing ratio was 34% in the region and 32% in the city, leaning towards favouring buyers.
Average home prices are down 13.1% in the region to $184,107 and down 4.6% in the city from $220,656 to $210,446. The MLS® HPI, however, reflects a slight increase of 1.5% from $199,600 to $202,500.
Homes are sitting on the market for less time than last January. In the region, the average days on market is 96.3 – down 8.1% from 104.8, and in the city 88.6 days is down 12.8% from 101.6.
January looked positive in North Battleford’s residential real estate market. Sales in the region were up 43.5% from 23 last year to 33 this January. This is above the 5-year average of 27 and 10- year average of 31. In the city, the 10 sales reported were up 66.7% from only 6 last year.
Sales dollar volume in the region rose 66.4% from $3.6M to $6.1M and the city saw increases of 39.3% to $1.4M last month.
Listings were also up – 6.3% in the region from 95 to 101 and 25.8% in the city from 31 to 39. Active listings are up from last year, increasing to 709 from 634, and are significantly above the 5-year average of 617 and the 10-year average of 562.
With a sales to listing ratio of 33 in the region and 26 in the city, it remains a buyer’s market. The region saw average home prices increase by 16% to $183,845, while the city average prices went down 16.4% to $139,500.
Homes in the region average 117.4 days on the market, up 1.8% from 115.3 last year, and well above the 5-year average of 105.5 and 10-year average of 96.4. In the city, homes averaged 99 days on the market, down 6.3% from 105.7 last year at the same time.
REALTORS® in Prince Albert saw more sales last month than in January 2019. In the city, 15 homes were sold, up 25% from 12 in 2019. Sales in the region were up 28.6% from 21 to 27, although still below the 5-year average of 29 and 10-year average of 31.
Dollar volume was up 40.9% in the region to $5.1M and up 38.7% in the city to $2.8M. Average home prices also increased – 9.6% in the region to $187,611, and 11% in the city from $167,817 to $186,260. The MLS® HPI showed a very slight decline of 0.5% from $192,300 to $191,300.
Listings were down in both the city – 20.7% from 58 to 46, and in the region – 27.2% from 114 to 83. Active listings were also down from 613 to 541, below both the 5-year average of 597 and 10- year average of 547.
The sale to listing ratio at 33% for both city and region reflects a buyer’s market.
Homes spent less time on the market this year, with average days on market down 7.5% in the region from 122.9 to 113.7 days, and in the city, down 10.2% from 107.2 to 98.3 days.
The upward swing in sales continued in Swift Current last month. The region saw sales increase 16.7% over last January from 24 to 28, above the 5-year average of 24 and 10-year average of 26, while the city saw a 50% increase from 12 sales last year to 18 in 2020. Sales dollar volume was up 33.5% in the city to $4M and up 15.8% in the region to $5.6M.
With listings down 36.4% in the city from 55 to 35 and 26.3% in the region from 99 to 73, the sales to listing ratio was 38% in the region and 51% in the city, moving towards a more balanced market. Active listings ended above last year with 468 over the 457 in 2019, and well above the 5-year average of 396 and 10-year average of 367.
Average prices were down 11% in Swift Current, from $249,208 to $221,756 and 0.7% in the region to $198,414. The MLS® HPI was also down 15.3% from $269,000 to $227,800.
On average, homes spent more days on the market than last year at this time, up 23.1% in the region from 99.5 days to 122.5, and up 31.4% in the city from 90.5 days to 118.9.
The Yorkton region saw sales slump in January, down 24.4% from 41 in the same month last year to 31, which remains well below both the 5- and 10-year averages of 42. The city’s 9 sales were on par with last year.
Sales volume, however, was down in both region and city – 31% to $4.1M and 18% to $1.7M, respectively.
Listings, too fell, down 18.8% from 144 to 117 in the region, and down 25.7% in the city from 35 to 26, however the sale to listing ratio of 26% in the region and 35% suggest the buyer’s market conditions remain. Active listings of 890 were up over 861 last year and above the 5-year average of 825 and 10-year average of 711.
Average home prices declined 8.7% in the region to $133,381 and 18% in the city to $190,767 from last January’s $232,767.
Houses remained on the market longer than in the past, with average days on market up 18.5% in the region from 120.9 to 143.3, well above the 5-year average of 113.7 and 10-year average of 116 days. In the city, days on market skyrocketed up 67.8% from 83.3 days to 139.8.
South East Saskatchewan
South East Saskatchewan started the year off with positive results. The region saw sales increase 87.5% from 16 sales last year at this time to 30, above the 5-year average of 24 and slightly below the 10-year average of 32. In Estevan, REALTORS® reported 8 sales, up 60% from 5 last year, and in Weyburn sales were 175% higher than last year – up from 4 to 11.
Sales volume also increased – 109.1% in the region from $2.9M to $6.1M, 17.8% in Estevan to $1.3M and 198.5% in Weyburn to $2.7M.
The average home price of $201,667 in the region was up 11.5% from last year, up 8.5% in Weyburn from $226,625 to $246,000, but down 26.4% in Estevan from $226,000 to $166,375. The HPI reflected more positive pricing increases, up 3.2% in Estevan from $196,2500 to $202,400 and up 8.9% in Weyburn from $194,900 to $212,200.
Listings were up 19% in Weyburn to 25 from 21 last year, but down 17.6% in Estevan from 34 to 28. In the full region, listings were down 6.1% from 99 to 93. Active listings in the region were up slightly from 760 in 2019 to 762. These are still well above the 5-year average of 665 and 10-year average of 530.
Homes remained on the market 20% longer in Estevan than they did in 2019 – from 101.2 days to 121.4. In Weyburn, days on market decreased 29.8% from 99 to 69.5 days, and in the region decreased 9.4% from 102 to 92.4. This is below the 5-year average of 109.7 days and right on track with the 10-year average of 91.
For further information, please contact Jason Yochim at 306-343-3444.
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