Building off the momentum seen in 2020, the Saskatchewan real estate market started 2021 off strong. Across the province, sales were up over 49% from last January (going from 616 to 919), new listings were down just over 5% (going from 1,855 to 1,758). Inventories were also down in 18 of the 19 markets that the SRA tracks.
“We haven’t seen a January like this since 2012,” said SRA Economic Analyst Chris Gbekorbu. With new listings down 10% from their historical averages, there are fewer houses being put on the market. At the same time, the rising number of sales combined with falling inventory suggests strong demand for what housing is available. This could put upward pressure on prices and help to encourage potential sellers. “Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021,” said Gbekorbu.
While some analysts have suggested that national housing numbers could suffer significantly this year, most analysts project that home prices will rise and that the economy will see strong growth as we continue to recover from the effects of COVID. Most consumers are also optimistic about real estate, expecting the market to continue to grow and be a good investment opportunity.
Sales in Swift Current were down 5.6%, going from 18 in January 2020 to 17 in January 2021, and up 7.1% in the overall region, going from 28 to 30. In Swift Current, sales were 4.9% above the 5-year average (and 6.2% above the 10-year average), while in the larger region, sales were 7.9% above the 5-year average (and 9.9% above the 10-year average).
Sales volume was up 22.6% in the city, going from $4.0M to $4.9M in 2021 (16.0% above the 5-year average, and 22.0% above the 10-year average). In the region, sales
volume was up 35.1%, going from $5.6M to $7.5M (23.6% above the 5-year average and 33.7% above the 10-year average).
In Swift Current, the number of new listings in January 2021 rose 5.7%, going from 35 to 37 (4.6% below the 5-year average and 6.3% above the 10-year average), while in the region, new listings rose 9.6% from 73 last year to 80 this year (2.6% below the 5-year average and 12.8% above the 10-year average). Active listings fell 20.9% in Swift Current (down from 196 to 155) and fell 17.5% in the region (down from 480 to 396).
Inventory in Swift Current stood at 9.1 months (which is 16.3% below the level last year and 9.2% below the 5-year average), while the sales to listing ratio was 45.9%, suggesting balanced market conditions. Inventory in the larger region stood at 13.2 months (which is 23.0% below the level last year and 14.0% below the 5-year average), while the sales to listing ratio was 37.5%, suggesting that market conditions favour buyers.
Homes in Swift Current stayed on the market an average of 99 days in Januaryâ€”down 14.7% from 116 days last year (and above the 5-year average of 98 days and above the 10-year average of 88 days). Homes in the region stayed on the market longer than homes in the city at 112 days on average in 2021, but also down from an average of 120 days last year (and 0.7% above the 5-year average).