Real estate sales up in Weyburn, inventory is down

As the province continues to re-open, the real estate sector is experiencing a strong recovery, said the June report from the Saskatchewan Realtors Association.

Year-over-year sales across the province were up close to 50 per cent from June of last year (and only down 0.3 per cent year-to-date, showing that we’ve nearly recovered all of the sales lost during the lockdown), new listings were up almost 8 per cent (down 14.5 per cent year-to-date), and the median home price was up almost two per cent (down 1.5 per cent year-to-date).

article continues below

Inventories were also down in 17 of the 19 markets that the SRA tracks, suggesting that people are quite eager to buy now and make up for lost time due to the pandemic. This recovery was expected as physical distancing restrictions were loosened and as people’s confidence began to return.

Sales in southeast Saskatchewan were up 35.1 per cent, going from 37 in June 2019 to 50 in June 2020, up 20.2 per cent from the five-year average (and 8.3 per cent below the 10-year average). The total number of sales rose 14.3 per cent in Weyburn (going from 14 to 16). Sales were 14.3 per cent above the five-year average (and 10.6 per cent below the 10-year average) in Weyburn.

Year-to-Date (YTD) sales in the overall region were up 9.1 per cent over last year, going from 37 to 50, and with YTD sales falling 16.9 per cent in Weyburn, going from 65 to 54.

Sales volume in the region rose 17.3 per cent, going from $8.1M to $9.5M in 2020 (3.6 per cent above the five-year average, and 29.7 per cent below the 10-year average).

Sales volume increased 17 per cent in Weyburn—$3.7M to $4.4M (22.8 per cent above the five-year average and six per cent below the 10-year average). YTD sales volume in the region rose from $36.4M to $36.8M in 2020 (an increase of 1.3 per cent), with Weyburn seeing a 16.9 per cent drop in the YTD sales volume.

The number of new listings in southeast Saskatchewan fell 21.8 per cent, going from 156 to 122 (20.2 per cent below the five-year average and 17.7 per cent below the 10-year average). The number of new listings in Weyburn decreased from 38 last year to 30 this year (a fall of 21.1 per cent). Active listings were down 18.8 per cent across the region (884 in 2019 to 718 in 2020), and down 11.9 per cent in Weyburn (177 to 156).

Inventory in southeast Saskatchewan stood at 14 (which is 39.9 per cent below the level last year and 29.5 per cent below the five-year average), while the sales to listing ratio was 41 per cent, suggesting balanced market conditions.

Inventory in Weyburn stood at 10 (which is 22.9 per cent below the level last year and 29.9 per cent below the five-year average), while the sales to listing ratio was 53.3 per cent, suggesting balanced market conditions.

In 2020, homes stayed on the market an average of 103 days in southeast Saskatchewan, down 19.5 per cent from 128 days last year (and 8.4 per cent below the five-year average of 112 days and 18.3 per cent above the 10-year average of 87 days). Homes in Weyburn stayed on the market for less time than homes in the larger region at 90 days on average in 2020, but also down from an average of 133 days last year (and 7.8 per cent below the five-year average).

Median home prices in the region fell 25.2 per cent, going from $214,000 to $160,000 (21.5 per cent below the five-year average median price of $203,870 and 30 per cent below the 10-year average median price of $228,610). Year-to-date, the median home price in the region was $193,417, which is 16.3 per cent below the $231,083 price from the same time last year.

Median home prices in Weyburn went from $266,500 to $247,450 (a decrease of 7.1 per cent) and were approximately 2.3 per cent above the five-year and 0.9 per cent above the 10-year average median price.