Overall, Saskatchewan’s real estate market in February continued to build on January’s momentum, although inventories were down in all 19 markets that the Saskatchewan Realtors Association (SRA) tracks.
Across the province, sales were up more than 74 per cent from last February, new listings were essentially flat, and the median sale price was up to close to three per cent, according to recent data from the SRA. Year-to-date from January to February compared to the same time in 2020, sales increased to 1,157 units versus 663 units, new listings decreased to 1,773 homes from 1,775 homes, and the median sale price increased to $272,000 from $265,000.
Median sale prices were up in 13 of the 19 markets that the SRA tracks — with Moose Jaw and Yorkton seeing the largest declines — while the number of sales was 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,” Chris Gbekorbu, economic analyst for SRA, said in a news release.
This suggests, he continued, that prices will continue to increase as fewer homes are available while buyers are forced to increase their bids to secure what’s available. However, as prices continue to rise, SRA also sees the number of new listings increase 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,” Gbekorbu said.
The safety precautions that the SRA put in place last April to reassure the public that real estate is safe has certainly helped to channel pent-up demand COVID-19 and allowed the market to continue its boom, he added.
Moose Jaw statistics
The data showed that February sales in Moose Jaw increased to 39 units compared to 25 units the previous February. Sales were also above the five-year average of 29 units and above the 10-year average of 32 units.
Meanwhile, year-to-date sales in The Friendly City increased to 74 homes than 49 homes by last February.
Sales volumes increased to $7.5 million in February compared to $5.9 million during the previous February, the report continued. This is also above the five-year average of $6 million and above the 10-year average of $6.9 million.
Year-to-date sales in Moose Jaw were $15.2 million, compared to $10.8 million during the same time last year.
The median sale price in February was $178,500, compared to $243,000 last year.
The number of new listings in February rose to 72 units compared to 61 during the same time last year, which is also above the five-year and 10-year averages of 71 units. However, year-to-date, new listings in Moose Jaw fell to 127 units compared to 138 units last year, while active listings fell to 179 homes from 233 homes last year.
Inventory stood at 4.6 months, compared to 9.3 months last February, while the sales to listing ratio was 54.2 per cent, which suggests that market conditions are balanced, the report added. Meanwhile, homes in Moose Jaw stayed on the market for an average of 57 days, compared to 81 days last year, 82 days during the five-year average and 72 days during the 10-year average.