Wednesday, 03 January 2018 13:43

2017 ties for 5th place in residential real estate sales in Swift Current

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An 8% increase in sales over 2016 helped the 2017 residential real estate market earn a tie for fifth busiest year ever in Swift Current, according to year-end MLS® stats.

A combination of more inventory, a stable economy and steady interest rates helped the city to finish the year with 275 residential sales, which ties it with 2015 for the most sales, behind 2007, 2012, 2013 and 2014.
Century 21 Accord Realty agent Kelsey Adam, of the Kelsey Adam Real Estate Team, was not surprised to hear of those numbers.

“Things were very busy last year, starting with a near-record first quarter and staying steady from there,” he said.  “The thing I love about the real estate business is that it is always active, always changing and always exciting.”
Inventory levels increased slightly over the past year, with 514 residential properties being listed in Swift Current, compared to 512 last year, 456 in 2015 and 395 in 2014.
“You can see with the increasing availability of housing that there is ample opportunity to be a home owner in the city, plus even more so in the surrounding communities,” Adam stated.

He added that in several price ranges, it could be considered a buyer’s market.

“With more homes available for sale, it means that sellers may need to be very sharp on how they price their home.”
Despite that, Adam pointed out that both the average and the median sale prices were basically unchanged. The median sale price for 2017 was $255,000, meaning there were as many houses selling above that price as below it. That was unchanged from last year and down from 2015’s $262,000.
“I prefer the median number to the average,” said Adam, “as it evens out the skewing of a few higher or a few lower property sales.”
The average residential sale price in 2017 was $269,000, which was a 1% decrease over the $274,000 figure of 2016 but up from 2015’s $266,000. Meanwhile, the average sale price is 94% of the asking price, which has been consistent over the past few years. However, partially because of the higher number of homes for sale, the average days it took for a property to sell was almost 82 days, which is 22% more than the 66.5 days of 2016, which itself was a 22% increase from the 54 days that the average home was on the market in 2015.
“People have had to have a bit more patience selling a home in 2017,” according to Adam, “however the market continues to offer a balance of availability, affordability and opportunity in Swift Current more than it does in many other markets across the province and the country.”

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