Saskatoon and region continued to show growth in the residential real estate market. Sales of 230 in the city were up 9% from 211 in February 2019, and the region saw sales grow 11% from 283 last February to 314. Sales were above the 5-year average of 295, but still below the 10-year average of 338. Year to date (YTD), sales were up over last year; 9% in the city, from 412 to 449, and 8.6% in the full region from 556 to 604.
Sales dollar volume was also up. In the city there was a 3.2% increase of $73.7M over last February, and in the region, last month’s $93.5M sales were up 7.4% over 2019’s $87.1M. YTD sales dollar volume was up 10% in the city to $145.1M and up 7.6% in the region to $183.7M.
The number of new listings decreased in both the city, down 2.7% from 481 to 468, and in the region, down 3.2% from 709 to 686. The 2,588 active listings in the region were down from 2,699 in 2019 and the 5-year average of 2,781, however still above the 10-year average of 2,494.
The sales to listing ratio in Saskatoon is 49%, and 46% in the region. Balanced market conditions exist in the 40-60% range, while below 40% is considered to favour buyer’s, and over 60% suggests a seller’s market.
Homes were on the market an average of 82.9 days in the region, up from 69.4 days at the same time last year, and 73.7 days in the city, up from 58.5.
The average home price in the city was $320,249, down 5.3% from $338,268 at this time in 2019. The MLS® Home Price Index (HPI), a more accurate measure of housing price trends, however, is up 1.1% from $282,500 last year to $285,600. In the region, the average home price was down 3.2% to $297,724.
“We see the trend of increased sales and decreased listings continue in Saskatoon and region,” says Jason Yochim, CEO of the Saskatchewan REALTORS® Association (SRA). “If this continues, we anticipate seeing prices increase. Upcoming changes to the mortgage stress test rules this April will likely start to positively affect our residential markets, as well, and we should see more potential home buyers qualifying for mortgages and subsequently entering the market.”
Regina and area sales continued to dip below 2019 levels in February, with 154 sales in the city down 9.9% from 171 last year, and down 5.2% in the full region from 191 to 181. These were in line with the 5-year average of 183, but below the 10-year average of 202. YTD sales were also down – 14.9% in the city from 315 to 268, and 12.7% in the region from 362 to 316.
The dip in sales was reflected in the sales dollar volume, with the city’s $45.9M down 11.2% and the region’s $54.8M down 7.6%. YTD, volume was down 18.7% in the city to $76.1M and down 14% in the region from $108M last year to $93M.
New listings were up in both city and region; 17.4% from 304 to 357 and 20% from 371 to 446, respectively. There were 1215 active listings in the city, and 1631 in the region, above 5-year regional averages of 1603 and 10-year averages of 1365.
The sales to listing ratio of 43% in the city and 41% in the region indicate near-balanced market conditions, although edging towards favouring buyers.
Homes took an average of 79.2 days to sell in Regina, up one day from last year, and took 79.5 days in the region, down 2 days from 2019, well above the 5-year average of 69.8 days and 10-year average of 60.7.
Average prices in Regina were $298,052, down 1.4% from February 2019, and in the region, $302,652 down 2.5%. The MLS® HPI Composite benchmark price in Regina decreased 5.5% from $264,200 last year to $249,800.
“In Regina, we’re seeing opposite conditions from Saskatoon. Sales are down and listings are up – this combination is driving prices down however we are hopeful that the changes in mortgage rules coming up this April will have a positive affect on the residential market here in Regina,” says Yochim. “In the meantime, it continues to be a great market if you’re looking to purchase a home.”
February saw a slow residential market in Melfort and region. The single sale in the city represented a 75% decline from 4 last year. In the region, 7 sales were 46% lower from 13 in 2019, and below the 5- and 10-year averages of 13 sales.
This decline from last February is reflected in the decrease in dollar volume. In the city, dollar volume was down 82.79% from $1M to $180,000 and in the region, down 65% from $2.4M to $835,500.
Listings were down 50% from 14 to 7 in the city and down 24% from 33 to 25 in the full region. Active listings of 232 are in line with 231 last February, as well as 5-year average of 226 and 10-year average of 236.
The sales to listing ratio of 14% in the city and 28% in the region suggest a strong favourability for buyers.
Homes remained on the market for 148.4 days, up from 104.6 in the region, however the single home that sold in the city sat only 45 days on the market.
The average price in the region declined 34.4% to $119,357 and down 31.2% in the city from $261,500 to $180,000.
Residential sales in Moose Jaw slowed down in February. Sales in the city were down 10.7% from 28 to 25, and in the region, down 5.9% from 34 to 32. Sales were also down from the 5-year average of 34 and 10-year average of 38. Despite a decrease in sales, dollar volume was up 1.4% in the city to $5.9M, and down a slight .5% in the region to $6.66M from $6.67M.
New listings were down in the city – 7.6% from 66 to 61, but up 26% in the full region from 81 to 102. Active listings of 456 were down from 472 in 2019, but up from the 5-year average of 436 and 10-year average of 385.
The sales to listing ratio was 31% in the region, favouring buyers and 41% in the city, nearing a balanced market.
Homes remained on the market for 83.2 days in Moose Jaw, down significantly from 111.7 in 2019 and 100.4 in 2018, In the region, the 97.3 average days on market was down from 132.4 last year, and slightly below the 5-year average of 98.8, while still above the 10-year average of 87.2.
Average prices in the city were up 13.6% to $235,419, and the MLS® HPI rose 8.2% from $192,700 last February to $208,500 in 2020. In the region, average prices were up 5.8% to $208,077.
Sales in North Battleford returned to decline in February. Sales were down 23.1% in the city from 13 last year to 10 in 2020, and down 32% in the region from 28 to 19. These lie well below the 5-year average of 29 sales and 10-year average of 34.
Dollar volume showed an even more significant decline from last year, with a 46.4% dip in the city to $1.5M and a 49% decline in the region from $5.8M last year to $3M. This is the result of a combined decrease in sales as well as average sales price. In the region, the average sales price decreased 24.5% to $157,668, and in the city was down 30.4% to $154,270.
New listings increased 32.1% in the city from 28 to 37 and 35% in the region from 80 to 108. Active listings were up to 750 from 633 last year, well above the 5-year average of 639 and 10-year average of 585.
The sales to listing ratio equated to 18% in the region and 27% in the city, suggesting a strong buyer’s market.
Homes were on the market an average of only 39.2 days in the city, down from 69.5 last year, but 84.2 in the region. This remains below 2019’s 100.3 days and the 5-year average of 89.4 days and 10-year average of 91.9.
Sales in Prince Albert and region followed the trend of much of the province and decreased in February. Down 21.7% in the city from 23 to 18, and 27% in the full region from 37 to 27, sales were well below the 5- and 10-year averages of 37. This contributed to YTD decreases of 5.7% in the city from 35 to 33 and 6.9% in the region from 58 to 54.
Sales dollar volume was also down 23.9% in Prince Albert to $3.8M and 33% in the region to $5.2M from $7.6M last year at this time. YTD, volumes are down 5.9% in the city to $6.6M and down 9% from $11.2M to $10.2M in the region.
Average price in the city dropped 2.7% to $211,500, and the city saw a 7.5% drop to $190,815. The MLS® HPI, however, showed a 1.5% increase from $184,000 to $186,800.
Listings were up 51% in the region and 71% in the city. Active listings, however, were down from 586 to 566 and below the 5-year average of 609 and 10-year average of 569.
The sales to listing ratio was 34% in the city and 28% in the region, revealing the continued existence of a buyer’s market.
In the city, homes remained on the market for 103.7 days on average, up from 98.6 last year, and 113.8 in the region, slightly down from 114.1 in 2019.
Sales in both Swift Current and region remained unchanged from last February. The city saw 17 sales and the region 25. This is slightly below the 5-year regional average of 28 and 10-year average of 29. Year to date, sales are up 20.7% in the city from 29 to 35, and up 8.2% in the region from 49 to 53.
Dollar volume was up 7.1% in the city to $3.9M, but down 4% in the region from $4.8M to $4.6M. YTD, volume is up in both – 18.9% in the city to $7.9M and 5.9% in the region to $10.1M.
Average price was also up in the city – 7.1% to $230,776, but down 4% in the region to $183,647. The HPI Composite Price was down 14.8% from $259,100 at this time last year to $220,800.
Listings increased 20.7% in the city from 29 to 35 and 25% in the region from 63 to 79. Active listings of 471 are above last year’s 462 and the 5-year average of 402 and 10-year average of 371.
The sales to listing ratio of 49% in the city suggests a balanced market, however at 32%, the full region leans towards a buyer’s market.
On average, homes spent 129.6 days on the market in Swift Current – more than doubling the 63.6 days last February, and, in the region, were up from 83.4 days to 143.8.
In February, Yorkton saw a positive shift in the residential market. Sales in the city increased 60% from 5 to 8 and 3.3% in the full region, from 30 to 31, but are still below the 5-year average of 40 and 10-year average of 43. YTD, sales in the city are up 21.4% from 14 to 17, but down 12.7% in the full region from 71 to 62.
Sales volume in Yorkton was up 62.6% to $1.9M, and up 22% in the region from $3.9M to $4.7M. YTD, the city also saw increases of 11.3% to $3.7M, but dipped 10% regionally from $9.8M to $8.8M.
Listings in the city were up 44.4% from 27 to 39 and 38% in the region from 104 to 143. Active listings of 925 were up from 897 last February.
The sales to listing ratio indicates a strong buyer’s market at 21% in the city and 22% in the region.
Average sales of $242,963 were up 1.6% in the city and up 17.8% in the region to $151,390. The MLS® HPI Composite Price is slightly down, dipping $300 from 2019 to $194,100.
Homes in Yorkton spent, on average, 95.4 days on the market, down significantly from 137.6 last February. In the region, the average was 139.7, up from 130 last year and the 5-year average of 117.2 and 10-year average of 112.2 days.
South East Saskatchewan
Sales in south east Saskatchewan increased again last month, up 13% from 23 last February to 26. While Weyburn sales were down 66.7% from 9 to 3, this was offset by a strong month in Estevan, where sales were up 175% from 4 to 11. YTD, sales were up across the board; 44% in the region, 7.7% in Weyburn from 13 to 14 and 111.1% in Estevan from 9 to 19.
Sales dollar volume was down 23% in the region from $5.3M to $4.1M and down 69.7% in Weyburn to $595,000, however up 77.4% in Estevan to $1.8M.
Listings were up 3.6% in all regions from 83 to 86, down 15% in Estevan from 20 to 17 and equal at 24 in Weyburn. Active listings in the region were on par to last February at 764, but still above the 5-year average of 683 and 10-year average of 556.
The sales to listing ratio of 30% in the region suggests conditions favouring buyers, as does the Weyburn ratio of 13%, however Estevan’s ratio, at 65% slightly favours sellers.
The average price of homes in the region was $156,205, down 31.6% from last year at this time. In Estevan, average price was down 35.5% to $163,082, while the MLS® HPI Composite Price was down only 1.1% from $200,300 to $198,100. In Weyburn, the average price of $198,333 was down 9.2%, while the MLS® HPI composite price showed an increase of 3.6% from $198,900 to $206,000.
Houses sat on the market an average of 80.9 days in Estevan, similar to 79.5 days last year. In Weyburn, the average of 30.7 was significantly down from 126.4 the previous year, and in the region, average days on the market was 107.7 days, down from 126.3. While below the 5-year average of 119.3 days, this still remains above the 10-year average of 101.2 days.
For further information, please contact Jason Yochim at 306-343-3444.
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