MediaRelease-2021-03-02

March 04, 2021

For immediate release:

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% 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 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.

Saskatoon

Sales in Saskatoon were up 53.0%, going from 230 in February 2020 to 352 in February 2021, and up 59.9% in the overall region, going from 314 to 502. In Saskatoon, sales were 42.7% above the 5-year average (and 35.1% above the 10-year average), while in the larger region, sales were 50% above the 5-year average (and 43.1% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 40.3% over last year, increasing from 449 to 630, while YTD sales in the larger region rose 43.4%, going from 604 to 866.

Sales volume was up 69.0% in the city, going from $73.7M to $124.4M in 2021 (49.6% above the 5-year average, and 42.2% above the 10-year average). YTD sales volume in the city was $221.3M, an increase of 52.5% from last year. In the region, sales volume was up 57.4%, going from $183.7M to $289.1M (57.9% above the 5-year average and 51.3% above the 10-year average). YTD sales volume increased 57.4% in the region, rising from $183.7M in 2020 to $289.1M in 2021.

In Saskatoon, the number of new listings in February 2021 rose 15.8%, going from 468 to 542 (3.3% above the 5-year average and 5.0% below the 10-year average), while in the region, new listings rose 6.1% from 685 last year to 727 this year (3.5% below the 5-year average and 10.4% below the 10-year average). YTD new listings in the city rose 5.8%, going from 1,039 to 1,099, while in the larger region, the number of new listings to date rose 0.5%, going from 1,496 to 1,504. Active listings fell 21.6% in Saskatoon (down from 1,392 to 1,091) and fell 28.7% in the region (down from 2,618 to 1,867).

Inventory in Saskatoon stood at 3.1 months (which is 48.8% below the level last year and 50.8% below the 5-year average), while the sales to listing ratio was 64.9%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 3.7 months (which is 55.4% below the level last year and 55.6% below the 5-year average), while the sales to listing ratio was 69.1%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 43 days in February—down 40.3% from 72 days last year (but below the 5-year average of 56 days and below the 10-year average of 51 days). Homes in the region stayed on the market longer than homes in the city at 53 days on average in 2021, but also down from an average of 81 days last year (and 18.2% below the 5-year average).

In Saskatoon, the MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was up 10.1%, going from $299,800 to $330,100.

Regina

Sales in Regina were up 55.2%, going from 154 in February 2020 to 239 in February 2021, and up 55.2% in the overall region, going from 181 to 281. In Regina, sales were 39.6% above the 5-year average (and 32.3% above the 10-year average), while in the larger region, sales were 40.9% above the 5-year average (and 35.4% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 63.6% over last year, increasing from 264 to 432, while YTD sales in the larger region rose 61.0%, going from 313 to 504.

Sales volume was up 55.7% in the city, going from $45.9M to $71.5M in 2021 (37.2% above the 5-year average, and 29.4% above the 10-year average). YTD sales volume in the city was $124.4M, an increase of 65.9% from last year. In the region, sales volume was up 58.5%, going from $91.8M to $145.5M (38.3% above the 5-year average and 32.4% above the 10-year average). YTD sales volume increased 58.5% in the region, rising from $91.8M in 2020 to $145.5M in 2021.

In Regina, the number of new listings in February 2021 rose 4.5%, going from 357 to 373 (1.7% above the 5-year average and 3.6% below the 10-year average), while in the region, new listings rose 1.6% from 445 last year to 452 this year (0.6% below the 5-year average and 4.2% below the 10-year average). YTD new listings in the city rose 1.4%, going from 701 to 711, while in the larger region, the number of new listings to date fell 5.0%, going from 881 to 837. Active listings fell 27.1% in Regina (down from 1,212 to 884) and fell 29.9% in the region (down from 1,647 to 1,154).

Inventory in Regina stood at 3.7 months (which is 53.0% below the level last year and 47.3% below the 5-year average), while the sales to listing ratio was 64.1%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.1 months (which is 54.9% below the level last year and 50.0% below the 5-year average), while the sales to listing ratio was 62.2%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 53 days in February—down 32.1% from 78 days last year (but below the 5-year average of 61 days and above the 10-year average of 50 days). Homes in the region stayed on the market longer than homes in the city at 58 days on average in 2021, but also down from an average of 78 days last year (and 10.8% below the 5-year average).

In Regina, the MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was up 6.7%, going from $264,300 to $282,100.

 Melfort

Sales in Melfort were up 1200.0%, going from 1 in February 2020 to 13 in February 2021, and up 433.3% in the overall region, going from 6 to 32. In Melfort, sales were 116.7% above the 5-year average (and 128.1% above the 10-year average), while in the larger region, sales were 95.1% above the 5-year average (and 110.5% above the 10-year average). Year-to-Date (YTD) sales in Melfort rose 400.0% over last year, increasing from 4 to 20, while YTD sales in the larger region rose 237.5%, going from 16 to 54.

Sales volume was up 1342.5% in the city, going from $0.2M to $2.6M in 2021 (114.2% above the 5-year average, and 134.2% above the 10-year average). YTD sales volume in the city was $4.2M, an increase of 417.2% from last year. In the region, sales volume was up 352.6%, going from $2.1M to $9.3M (114.8% above the 5-year average and 155.6% above the 10-year average). YTD sales volume increased 352.6% in the region, rising from $2.1M in 2020 to $9.3M in 2021.

In Melfort, the number of new listings in February 2021 rose 33.3%, going from 6 to 8 (18.4% below the 5-year average and 42.0% below the 10-year average), while in the region, new listings rose 43.5% from 23 last year to 33 this year (5.1% below the 5-year average and 10.6% below the 10-year average). YTD new listings in the city rose 37.5%, going from 16 to 22, while in the larger region, the number of new listings to date rose 25.5%, going from 55 to 69. Active listings fell 29.1% in Melfort (down from 55 to 39) and fell 30.9% in the region (down from 230 to 159).

Inventory in Melfort stood at 3.0 months (which is 94.5% below the level last year and 82.6% below the 5-year average), while the sales to listing ratio was 162.5%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 5.0 months (which is 87.0% below the level last year and 71.9% below the 5-year average), while the sales to listing ratio was 97.0%, suggesting that market conditions favour sellers.

Homes in Melfort stayed on the market an average of 93 days in February—up 111.4% from 44 days last year (and above the 5-year average of 85 days and below the 10-year average of 94 days). Homes in the region stayed on the market longer than homes in the city at 129 days on average in 2021, but also down from an average of 148 days last year (and 6.8% 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).

North Battleford

Sales in North Battleford were up 110.0%, going from 10 in February 2020 to 21 in February 2021, and up 200.0% in the overall region, going from 19 to 57. In North Battleford, sales were 52.2% above the 5-year average (and 59.1% above the 10-year average), while in the larger region, sales were 70.7% above the 5-year average (and 58.3% above the 10-year average). Year-to-Date (YTD) sales in North Battleford rose 145.0% over last year, increasing from 20 to 49, while YTD sales in the larger region rose 109.6%, going from 52 to 109.

Sales volume was up 171.4% in the city, going from $1.5M to $4.2M in 2021 (37.3% above the 5-year average, and 49.3% above the 10-year average). YTD sales volume in the city was $9.8M, an increase of 232.3% from last year. In the region, sales volume was up 164.8%, going from $9.1M to $24.0M (78.0% above the 5-year average and 76.1% above the 10-year average). YTD sales volume increased 164.8% in the region, rising from $9.1M in 2020 to $24.0M in 2021.

In North Battleford, the number of new listings in February 2021 fell 18.9%, going from 37 to 30 (11.8% below the 5-year average and 11.2% below the 10-year average), while in the region, new listings fell 17.6% from 108 last year to 89 this year (13.6% above the 5-year average and 11.3% below the 10-year average). YTD new listings in the city fell 17.1%, going from 76 to 63, while in the larger region, the number of new listings to date fell 15.8%, going from 209 to 176. Active listings fell 49.5% in North Battleford (down from 196 to 99) and fell 35.7% in the region (down from 756 to 486).

Inventory in North Battleford stood at 4.7 months (which is 75.9% below the level last year and 63.7% below the 5-year average), while the sales to listing ratio was 70.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 8.5 months (which is 78.6% below the level last year and 62.7% below the 5-year average), while the sales to listing ratio was 64.0%, suggesting that market conditions favour sellers.

Homes in North Battleford stayed on the market an average of 116 days in February—up 205.3% from 38 days last year (and above the 5-year average of 67 days and above the 10-year average of 65 days). Homes in the region stayed on the market longer than homes in the city at 136 days on average in 2021, but also up from an average of 82 days last year (and 39.6% above the 5-year average).

Prince Albert

Sales in Prince Albert were up 177.8%, going from 18 in February 2020 to 50 in February 2021, and up 185.2% in the overall region, going from 27 to 77. In Prince Albert, sales were 78.6% above the 5-year average (and 85.9% above the 10-year average), while in the larger region, sales were 75% above the 5-year average (and 86.9% above the 10-year average). Year-to-Date (YTD) sales in Prince Albert rose 175.8% over last year, increasing from 33 to 91, while YTD sales in the larger region rose 168.5%, going from 54 to 145.

Sales volume was up 209.0% in the city, going from $3.8M to $11.8M in 2021 (91.5% above the 5-year average, and 94.8% above the 10-year average). YTD sales volume in the city was $21.1M, an increase of 220.0% from last year. In the region, sales volume was up 264.7%, going from $10.2M to $37.3M (96.1% above the 5-year average and 111.8% above the 10-year average). YTD sales volume increased 264.7% in the region, rising from $10.2M in 2020 to $37.3M in 2021.

In Prince Albert, the number of new listings in February 2021 fell 7.5%, going from 53 to 49 (1.2% below the 5-year average and 10.6% below the 10-year average), while in the region, new listings fell 13.3% from 98 last year to 85 this year (5.6% below the 5-year average and 14.1% below the 10-year average). YTD new listings in the city rose 16.2%, going from 99 to 115, while in the larger region, the number of new listings to date rose 3.9%, going from 181 to 188. Active listings fell 20.7% in Prince Albert (down from 246 to 195) and fell 32.2% in the region (down from 566 to 384).

Inventory in Prince Albert stood at 3.9 months (which is 71.5% below the level last year and 62.5% below the 5-year average), while the sales to listing ratio was 102.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 5.0 months (which is 76.2% below the level last year and 66.1% below the 5-year average), while the sales to listing ratio was 90.6%, suggesting that market conditions favour sellers.

Homes in Prince Albert stayed on the market an average of 84 days in February—down 17.6% from 102 days last year (but below the 5-year average of 102 days and below the 10-year average of 97 days). Homes in the region stayed on the market longer than homes in the city at 101 days on average in 2021, but also down from an average of 112 days last year (and 14.0% below the 5-year average).

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 10-year 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).

Yorkton

Sales in Yorkton were up 187.5%, going from 8 in February 2020 to 23 in February 2021, and up 158.1% in the overall region, going from 31 to 80. In Yorkton, sales were 69.1% above the 5-year average (and 43.8% above the 10-year average), while in the larger region, sales were 75.4% above the 5-year average (and 70.2% above the 10-year average). Year-to-Date (YTD) sales in Yorkton rose 129.4% over last year, increasing from 17 to 39, while YTD sales in the larger region rose 164.5%, going from 62 to 164.

Sales volume was up 208.4% in the city, going from $1.9M to $6.0M in 2021 (78.3% above the 5-year average, and 60.5% above the 10-year average). YTD sales volume in the city was $8.9M, an increase of 143.9% from last year. In the region, sales volume was up 203.3%, going from $8.8M to $26.8M (88.0% above the 5-year average and 76.2% above the 10-year average). YTD sales volume increased 203.3% in the region, rising from $8.8M in 2020 to $26.8M in 2021.

In Yorkton, the number of new listings in February 2021 fell 15.4%, going from 39 to 33 (6.8% below the 5-year average and 4.1% above the 10-year average), while in the region, new listings fell 10.5% from 143 last year to 128 this year (1.3% below the 5-year average and 6.8% above the 10-year average). YTD new listings in the city fell 6.2%, going from 65 to 61, while in the larger region, the number of new listings to date fell 9.6%, going from 260 to 235. Active listings fell 37.3% in Yorkton (down from 158 to 99) and fell 25.3% in the region (down from 936 to 699).

Inventory in Yorkton stood at 4.3 months (which is 78.2% below the level last year and 71.4% below the 5-year average), while the sales to listing ratio was 69.7%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 8.7 months (which is 71.1% below the level last year and 60.0% below the 5-year average), while the sales to listing ratio was 62.5%, suggesting that market conditions favour sellers.

Homes in Yorkton stayed on the market an average of 82 days in February—down 11.8% from 93 days last year (but below the 5-year average of 90 days and below the 10-year average of 83 days). Homes in the region stayed on the market longer than homes in the city at 105 days on average in 2021, but also down from an average of 137 days last year (and 7.6% below the 5-year average).

South East Saskatchewan

Sales in south east Saskatchewan were up 64.0%, going from 25 in February 2020 to 41 in February 2021, up 53.0% from the 5-year average (and 25.8% above the 10-year average). The total number of sales in Estevan rose 30.0% (going from 10 to 13) and rose 266.7% in Weyburn (going from 3 to 11). Sales in Estevan were 38.3% above the 5-year average (and 7.4% above the 10-year average), while they were 83.3% above the 5-year average (and 20.9% above the 10-year average) in Weyburn. Year-to-Date (YTD) sales in the overall region were up 36.4% over last year, going from 25 to 41, and with YTD sales in Estevan rising from 18 to 21, and rising 28.6% in Weyburn, going from 14 to 18.

Sales volume in the region rose 142.9%, going from $4.0M to $9.7M in 2021 (60.8% above the 5-year average, and 29.2% above the 10-year average). Sales volume in Estevan rose 53.7%—$3.0M to $4.7M in 2021 (32.2% above the 5-year average and 3.2% below the 10-year average), while it increased 437.1% in Weyburn—$0.6M to $3.2M (92.0% above the 5-year average and 35.9% above the 10-year average). YTD sales volume in the region rose from $10.0M to $16.2M in 2021 (an increase of 61.1%), with Estevan seeing a 53.7% rise and Weyburn seeing a 28.6% rise in the YTD sales volume.

The number of new listings in south east Saskatchewan was flat at 86 (1.4% below the 5-year average and 17.5% below the 10-year average). The number of new listings in Estevan were down from 17 last year to 16 this year (a fall of 5.9%), while in Weyburn, new listings decreased from 24 last year to 19 this year (a fall of 20.8%). Active listings were down 22.0% across the region (776 in 2020 to 605 in 2021), down 22.5% in Estevan (142 to 110), and down 29.5% in Weyburn (176 to 124).

Inventory in south east Saskatchewan stood at 14.8 months (which is 52.5% below the level last year and 48.3% below the 5-year average), while the sales to listing ratio was 47.7%, suggesting balanced market conditions. Inventory in Estevan stood at 8.5 months (which is 40.4% below the level last year and 59.7% below the 5-year average), while the sales to listing ratio was 81.2%, suggesting that market conditions favour sellers. Inventory in Weyburn stood at 11.3 months (which is 80.8% below the level last year and 78.5% below the 5-year average), while the sales to listing ratio was 57.9%, suggesting balanced market conditions.

In 2021, homes stayed on the market an average of 122 days in south east Saskatchewan, up 10.9% from 110 days last year (and 2.9% above the 5-year average of 119 days and 17.1% 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% above the 5-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% above the 5-year average).

 

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For interviews and more information:

 

Chris Gbekorbu

Economic Analyst

Saskatchewan REALTORS® Association

samantha@sra.ca

306.791.2706