It was a “crazy year’’ for real estate last year, according to the Saskatchewan Real Estate Association’s economic analyst.
After a strong start to the year, sales tanked during two months of virtual closure but rebounded quickly to 2019 levels, said Chris Gbekorbu in a press release.
He attributed the rebound to safety protocols by realtors to help the buying and selling public.
Median prices averaged a one per cent increase across the province with variability. Only nine of 19 markets experienced price increases.
Sales numbers across Saskatchewan had a 24.5 per cent increase. Only the Melfort market saw sales decline, 19 per cent with the average price down 14.1 per cent
Prices, sales and sales volume were up in Moose Jaw.
The largest average market price increase, 7.7 per cent, was in Moose Jaw. Median home prices in this city jumped 61.8 per cent from a pandemic low of $166,450 to $269,250 by year’s end.
December property listings fell 13 per cent with year to date listings down 12 per cent. Sales volume was up 122 per cent.
The market still appears to favour sellers according to sales to listing ratios, said Gbekorbu. Inventory is equal to seven months sales compared with half that in the five year average.
Among major markets, median home price in Regina increased 1.8 per cent to $271,000 from $266,000.
Saskatoon median home price went up 5.2 per cent to $333,000 from $316,635.
Swift Current prices fell 20.8 per cent to $237,500 from $300.000.
Yorkton prices fell 28.1 per cent to $175,000 from $243,000.
Melfort prices fell 30.3 per cent to $170,000 from $246,000.
North Battleford prices fell six per cent to $197,500 from $210,000 while Prince Albert stayed flat at $175,000.
Estevan median price dropped 13.2 per cent to $130,000 from $150,000 while Weyburn ran down 3.2 per cent to $164,250 from $169,750.
Ron Walter can be reached at [email protected]
