Real estate sales up in Weyburn, new listings down

The Saskatchewan real estate market remains strong. Across the province, there were 1,914 homes sold (up over almost 12 per cent from last June and up 65.7 per cent year-to-date, going from 5,690 to 9,427), and were up 25 per cent in Weyburn in the month of June.

New listings across the province were down 2.6 per cent (but up 20 per cent year-to-date, going from 2,174 to 2,608), and were down in Weyburn also, while and the MLS® Home Price Index (HPI) composite province-wide was up 9.8 per cent (up 8.9 per cent year-to-date, going from $262,700 to $288,500).

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“The market continues to level off from the highs seen earlier this year,” said Chris Guérette, SRA’s CEO. This month-over-month leveling off in activity is expected and is being seen across the country.

“As more people get their COVID vaccines and the economy continues to open up, people’s spending decisions are going to include things other than housing,” said Guérette, “and that’s going to temper demand somewhat. But so far, market activity remains positive.”

Some policy makers had hoped that the new mortgage rules that came into effect June 1 would help to moderate demand. “It’s still too early to tell what the full impact of the tighter mortgage rules will be, but they don’t seem to have had any real impact on Saskatchewan markets,” said Guérette.

Sales were up 25 per cent in Weyburn (going from 16 to 20), and up 40.8 per cent in the overall region, going from 49 to 69. Sales were 33.3 per cent above the five- year average (and 13.6 per cent above the 10-year average) in Weyburn, while in the larger region, sales were 46.2 per cent above the five-year average (and 27.5 per cent above the 10-year average). Year-to-date (YTD) sales rose 51.9 per cent in Weyburn (going from 54 to 82), and rose 63.9 per cent in the larger region, going from 202 to 331.

Sales volume was down 3.4 per cent in Weyburn, going from $4.4M to $4.2M (15.0 per cent above the five-year average, and 5.8 per cent below the 10-year average). In the region, sales volume was up 19.5 per cent, going from $9.4M to $11.3M (16.4 per cent above the five-year average, and 12.6 per cent below the 10-year average). YTD sales volume were $20.6M in Weyburn, an increase of 55.5 per cent, and was $65.8M in the larger region (an increase of 79.2 per cent from last year).

The number of new listings fell 16.7 per cent in Weyburn, going from 30 last year to 25 (26.9 per cent below the five-year average and 29.6 per cent below the 10-year average). In the region, new listings fell 0.8 per cent, going from 122 last year to 121 this year (17.9 per cent below the five-year average and 16.8 per cent below the 10-year average). YTD new listings rose 6.9 per cent in Weyburn, going from 24 to 26, while in the larger region, the number of new listings to date rose 17.1 per cent, going from 102 to 119. Active listings fell 17.2 per cent in Weyburn (down from 157 to 130), and fell 6.8 per cent in the region (down from 722 to 673).

Inventory in Weyburn stood at 6.5 months (which is 33.8 per cent below the level last year and 41.7 per cent below the five-year average), while the sales to listing ratio was 80 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 9.8 months (which is 33.8 per cent below the level last year and 42.4 per cent below the five-year average), while the sales to listing ratio was 57 per cent, suggesting balanced market conditions.

Homes in Weyburn stayed on the market an average of 87 days in June, down 3.3 per cent from 90 days last year (but below the five-year average of 100 days and below the 10-year average of 88 days). Homes in the region stayed on the market for 112 days on average in 2021, but up from an average of 105 days last year (and 1.1 per cent below the five-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. The price of the benchmark single family home in Weyburn fell five per cent (going from $230,100 to $218,600).