Tuesday, 10 July 2018 16:29

Real estate market in Swift Current remains stable despite increased inventory

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First half real estate statistics released at the end of June show MLS® sales are on the same general pace as they were over the past few years.

Kelsey Adam, sales agent with Century 21 Accord Realty and team leader of the Kelsey Adam Real Estate Team, said he was anxious to see just how the figures would shake out after the first half of the year.

“It certainly seems busy out there,” he stated, “but busy doesn’t always mean the job is getting done. It is exciting to see that despite some of the economic adversities out there, the real estate market in Swift Current is stable.”
Figures compiled by Trenlii for the local real estate association show that June sales were up 17% this year over last. That spike pushed residential, lot and multi-family sales numbers to 138 year-to-date, which is down 6% from last year’s 147. However, it is up from 128 sales in the first 6 months of 2016 and 130 in 2015.

“Yes, they aren’t 2012, 2013 or 2014 numbers, but when you average the past 19 years, that is exactly the average number of sales,” said Adam. He added that second quarter sales totalling 87 were higher than last year’s 79, so things could be ramping up for a busy summer and fall.
Inventory continues to climb, however, to near-record numbers. The first half of 2018 saw 292 new listings come on the Swift Current market. That is up 6% from last year’s 274, as well as 2016’s 285 and 233 in 2015.
Despite more properties on the market, the report shows the median and average sale prices are very close to the previous few years. The median sale price, meaning the mid-point price where as many homes sold over as sold under, only dropped 2% to $249,000, where over the past few years it hovered at $253,000-$255,000. The average sale price was just 3% down to $275,000 from last year’s $286,000. In the previous 2 years, the average price was only $264,000.
The one change Adam points out is the average number of days on the market until a house sells. “Our average days to sale has risen from 56 days in 2015, to 64 days in 2016, 79 days in 2017 and this year over 87 days.” The 20-year agent surmises that people are still getting a fair market price for their property, but they have to wait longer to do so.
One statistic that Adam says does cause him concern is the amount of cumulative inventory on the market. In June of 2015 there were 97 properties on the local market. In 2016, there were 163 homes for sale and in 2017 there were 167. As of this June there were 220 active listings, which is an increase of over 30% from last year. “While it is great to have a healthy supply of inventory, at some point I am concerned that the market will unbalance toward being a buyer’s market, which could affect prices,” he said.

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