Saskatchewan real estate markets rebounding as province opens

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Across the province, year-over-year sales were down nearly 14per cent from May of last year (nearly 13per cent year-to-date), new listings were down almost 20per cent (both year-over-year and year-to-date), and the median sale price was down 5.7per cent (down 2.2per cent year-to-date). Despite this negative performance, however, considering a pandemic that has led to a global recession, Saskatchewan’s real estate market is performing quite well and will likely get better as the province continues to re-open. New listings and sales closely tracked last year’s numbers until the province declared a state of emergency in mid-March. Based on previous epidemics and the restrictions put in place to limit the spread of the outbreak, “we expected transactions to fall dramatically in April,” said SRA CEO Jason Yochim. “But we also expect transactions to return to normal levels once restrictions are lifted”, and we see that happening with new listings and sales up significantly from where they were this April. And while sales prices have fallen (also consistent with evidence from previous pandemics), part of this decline is related to the higher levels of inventory due to reduced sales which, combined with weaker demand due to COVID restrictions, puts downward pressure on prices. As pent-up demand subsides and people begin to buy again, we should expect to see prices begin to return to normal as well. Saskatchewan’s market strength calls into question CMHC’s recent projections about the province’s real estate market, and CMHC’s Housing Market Outlook ignores the local nature of real estate. For instance, Saskatoon and Regina account for over 50 per cent of the sales in the province, and these two markets alone can have a significant impact on the province’s overall performance. In addition, even at the height of the province’s state of emergency, year-to-date (YTD) sales in North Battleford, Estevan, and Yorkton were up more than 10 per cent from last year, and YTD prices in a number of markets were also up. “I hear more frequently that our members are receiving multiple offers”. So while the real estate sector in the province has been hit by COVID and continues to feel its effects, the outlook isn’t nearly as grim as some are making it out to be, and we’re already starting to see signs of recovery going into summer. “As the province continues to open up and our members take action to protect public safety,” says Yochim, “I expect markets to make a strong recovery.”

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Regional Breakdowns

North Battleford

Sales in North Battleford were down 40.7 per cent, going from 27 in May 2019 to 16 in May 2020, and down 15.6 per cent in the overall region, going from 64 to 54. In North Battleford, sales were 38.5 per cent below the 5-year average (and 47.5 per cent below the 10-year average), while in the larger region, sales were 17.9 per cent below the 5-year average (and 28.5 per cent below the 10-year average). Year-to-Date (YTD) sales in North Battleford rose 17.4 per cent over last year, increasing from 69 to 81, while YTD sales in the larger region rose 10.7 per cent, going from 187 to 207.

Sales volume was down 48.8 per cent in the city, going from $6.3M to $3.2M in 2020 (45.6 per cent below the 5-year average, and 53.6 per cent below the 10-year average). YTD sales volume in the city was $14.0M, a decrease of 4.7 per cent from last year. In the region, sales volume was up 5.1 per cent, going from $36.4M to $38.2M (26.1 per cent below the 5-year average and 31.9 per cent below the 10-year average). YTD sales volume increased 5.1 per cent in the region, rising from $36.4M in 2019 to $38.2M in 2020.

In North Battleford, the number of new listings in May 2020 fell 34.4 per cent, going from 61 to 40 (33.3 per cent below the 5-year average and 33.8 per cent below the 10-year average), while in the region, new listings fell 27.1 per cent from 203 last year to 148 this year (23.9 per cent above the 5-year average and 26.3 per cent below the 10-year average). YTD new listings in the city fell 17.6 per cent, going from 233 to 192, while in the larger region, the number of new listings to date fell 18.2 per cent, going from 693 to 567. Active listings fell 14.4 per cent in North Battleford (down from 229 to 196) and fell 7.0 per cent in the region (down from 820 to 763).

Inventory in North Battleford stood at 12 (which is 44.4 per cent above the level last year and 35.9 per cent above the 5-year average), while the sales to listing ratio was 40.0 per cent, suggesting balanced market conditions. Inventory in the larger region stood at 14 (which is 10.3 per cent above the level last year and 12.0 per cent above the 5-year average), while the sales to listing ratio was 36.5 per cent, suggesting that market conditions favour buyers.

Homes in North Battleford stayed on the market an average of 130 days in May—up 30.0 per cent from 100 days last year (and above the 5-year average of 86 days and above the 10-year average of 67 days). Homes in the region stayed on the market for less time than homes in the city at 118 days on average in 2020, but also up from an average of 88 days last year (and 19.7 per cent above the 5-year average).

Median home prices in North Battleford went from $228,000 to $195,000 (a decrease of 14.5 per cent) and were approximately 9.4 per cent below the 5-year and 8.8 per cent below the 10-year average median price. Year-to-date, the median home price in North Battleford was $160,390 which is 18.6 per cent below the $196,950 price from the same time last year. Median home prices in the region went from $229,000 to $175,000 (a decrease of 23.6 per cent) and were approximately 12.5 per cent below the 5-year and 10.7 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $162,980 which is 2.9 per cent below the $167,800 price from the same time last year.

Saskatoon

Sales in Saskatoon were down 22.7 per cent, going from 422 in May 2019 to 326 in May 2020, and down 14.0 per cent in the overall region, going from 515 to 443. In Saskatoon, sales were 15.5 per cent below the 5-year average (and 21.6 per cent below the 10-year average), while in the larger region, sales were 14.3 per cent below the 5-year average (and 22.3 per cent below the 10-year average). Year-to-Date (YTD) sales in Saskatoon fell 14.2 per cent over last year, decreasing from 1,470 to 1,261, while YTD sales in the larger region fell 10.8 per cent, going from 1,843 to 1,644.

Sales volume was down 16.7 per cent in the city, going from $140.6M to $117.1M in 2020 (12.4 per cent below the 5-year average, and 18.7 per cent below the 10-year average). YTD sales volume in the city was $429.3M, a decrease of 11.2 per cent from last year. In the region, sales volume was down 9.1 per cent, going from $578.0M to $525.6M (13.8 per cent below the 5-year average and 21.7 per cent below the 10-year average). YTD sales volume decreased 9.1 per cent in the region, falling from $578.0M in 2019 to $525.6M in 2020.

In Saskatoon, the number of new listings in May 2020 fell 17.0 per cent, going from 911 to 756 (18.1 per cent below the 5-year average and 16.2 per cent below the 10-year average), while in the region, new listings fell 14.2 per cent from 1,253 last year to 1,075 this year (19.7 per cent below the 5-year average and 19.1 per cent below the 10-year average). YTD new listings in the city fell 15.6 per cent, going from 3,420 to 2,885, while in the larger region, the number of new listings to date fell 17.4 per cent, going from 4,735 to 3,913. Active listings fell 20.1 per cent in Saskatoon (down from 1,944 to 1,553) and fell 21.2 per cent in the region (down from 3,254 to 2,564).

Inventory in Saskatoon stood at 5 (which is 3.4 per cent above the level last year and 7.8 per cent below the 5-year average), while the sales to listing ratio was 43.1 per cent, suggesting balanced market conditions. Inventory in the larger region stood at 6 (which is 8.4 per cent below the level last year and 11.4 per cent below the 5-year average), while the sales to listing ratio was 41.2 per cent, suggesting balanced market conditions.

Homes in Saskatoon stayed on the market an average of 48 days in May—up 2.1 per cent from 47 days last year (and above the 5-year average of 46 days and above the 10-year average of 40 days). Homes in the region stayed on the market longer than homes in the city at 60 days on average in 2020, but also up from an average of 54 days last year (and 11.1 per cent above the 5-year average).

Median home prices in Saskatoon went from $326,000 to $338,000 (an increase of 3.7 per cent) and were approximately 1.7 per cent above the 5-year and 1.9 per cent above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 2.2 per cent from $303,400 to $306,500. Year-to-date, the median home price in Saskatoon was $326,250 which is 1.0 per cent above the $323,120 price from the same time last year. Median home prices in the region went from $312,500 to $307,000 (a decrease of 1.8 per cent) and were approximately 1.8 per cent below the 5-year and 1.9 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $305,700 which is 2.1 per cent above the $299,280 price from the same time last year.

Regina

Sales in Regina were down 18.2 per cent, going from 286 in May 2019 to 234 in May 2020, and down 13.6 per cent in the overall region, going from 339 to 293. In Regina, sales were 19.2 per cent below the 5-year average (and 24.8 per cent below the 10-year average), while in the larger region, sales were 15.6 per cent below the 5-year average (and 20.4 per cent below the 10-year average). Year-to-Date (YTD) sales in Regina fell 22.2 per cent over last year, decreasing from 1,100 to 856, while YTD sales in the larger region fell 19.4 per cent, going from 1,285 to 1,036.

Sales volume was down 22.9 per cent in the city, going from $90.0M to $69.4M in 2020 (25.0 per cent below the 5-year average, and 30.5 per cent below the 10-year average). YTD sales volume in the city was $254.2M, a decrease of 23.7 per cent from last year. In the region, sales volume was down 20.1 per cent, going from $387.7M to $309.6M (21.9 per cent below the 5-year average and 26.2 per cent below the 10-year average). YTD sales volume decreased 20.1 per cent in the region, falling from $387.7M in 2019 to $309.6M in 2020.

In Regina, the number of new listings in May 2020 fell 23.9 per cent, going from 637 to 485 (21.3 per cent below the 5-year average and 20.9 per cent below the 10-year average), while in the region, new listings fell 22.4 per cent from 830 last year to 644 this year (21.4 per cent below the 5-year average and 19.6 per cent below the 10-year average). YTD new listings in the city fell 22.4 per cent, going from 2,449 to 1,901, while in the larger region, the number of new listings to date fell 21.6 per cent, going from 3,143 to 2,463. Active listings fell 22.4 per cent in Regina (down from 1,609 to 1,248) and fell 22.4 per cent in the region (down from 2,284 to 1,772).

Inventory in Regina stood at 5 (which is 5.2 per cent below the level last year and 3.8 per cent above the 5-year average), while the sales to listing ratio was 48.2 per cent, suggesting balanced market conditions. Inventory in the larger region stood at 6 (which is 10.2 per cent below the level last year and 1.4 per cent below the 5-year average), while the sales to listing ratio was 45.5 per cent, suggesting balanced market conditions.

Homes in Regina stayed on the market an average of 61 days in May—up 15.1 per cent from 53 days last year (and above the 5-year average of 48 days and above the 10-year average of 38 days). Homes in the region stayed on the market longer than homes in the city at 65 days on average in 2020, but also up from an average of 55 days last year (and 27.0 per cent above the 5-year average).

Median home prices in Regina went from $290,500 to $282,000 (a decrease of 2.9 per cent) and were approximately 6.2 per cent below the 5-year and 7.3 per cent below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 3.7 per cent from $267,200 to $271,300. Year-to-date, the median home price in Regina was $286,735 which is essentially unchanged from the $286,690 price from the same time last year. Median home prices in the region went from $294,000 to $280,000 (a decrease of 4.8 per cent) and were approximately 6.6 per cent below the 5-year and 7.3 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $285,800 which is 0.3 per cent above the $285,020 price from the same time last year.

Melfort

Sales in Melfort were up 33.3 per cent, going from 6 in May 2019 to 8 in May 2020, but down 40.6 per cent in the overall region, going from 32 to 19. In Melfort, sales were 4.8 per cent below the 5-year average (and 20.8 per cent below the 10-year average), while in the larger region, sales were 19.5 per cent below the 5-year average (and 27.8 per cent below the 10-year average). Year-to-Date (YTD) sales in Melfort fell

35.7 per cent over last year, decreasing from 28 to 18, while YTD sales in the larger region fell 35.1 per cent, going from 94 to 61.

Sales volume was up 28.9 per cent in the city, going from $1.2M to $1.6M in 2020 (14.3 per cent below the 5-year average, and 24.0 per cent below the 10-year average). YTD sales volume in the city was $3.6M, a decrease of 35.7 per cent from last year. In the region, sales volume was down 36.2 per cent, going from $14.5M to $9.3M (31.1 per cent below the 5-year average and 31.8 per cent below the 10-year average). YTD sales volume decreased 36.2 per cent in the region, falling from $14.5M in 2019 to $9.3M in 2020.

In Melfort, the number of new listings in May 2020 fell 68.4 per cent, going from 19 to 6 (57.7 per cent below the 5-year average and 68.1 per cent below the 10-year average), while in the region, new listings fell 29.9 per cent from 67 last year to 47 this year (22.2 per cent below the 5-year average and 28.4 per cent below the 10-year average). YTD new listings in the city fell 47.0 per cent, going from 66 to 35, while in the larger region, the number of new listings to date fell 36.7 per cent, going from 245 to 155. Active listings fell 23.8 per cent in Melfort (down from 63 to 48) and fell 22.7 per cent in the region (down from 269 to 208).

Inventory in Melfort stood at 6 (which is 42.9 per cent below the level last year and 14.1 per cent below the 5-year average), while the sales to listing ratio was 133.3 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 11 (which is 30.2 per cent above the level last year and 2.2 per cent above the 5-year average), while the sales to listing ratio was 40.4 per cent, suggesting balanced market conditions.

Homes in Melfort stayed on the market an average of 98 days in May—up 188.2 per cent from 34 days last year (and above the 5-year average of 63 days and above the 10-year average of 68 days). Homes in the region stayed on the market longer than homes in the city at 115 days on average in 2020, but also up from an average of 94 days last year (and 21.8 per cent above the 5-year average).

Median home prices in Melfort went from $218,500 to $199,250 (a decrease of 8.8 per cent) and were approximately 5.8 per cent below the 5-year and 1.5 per cent below the 10-year average median price. Year-to-date, the median home price in Melfort was $190,850 which is 11.9 per cent below the $216,570 price from the same time last year. Median home prices in the region went from $149,250 to $160,000 (an increase of 7.2 per cent) and were approximately 12.0 per cent below the 5-year and 4.4 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $134,880 which is 3.0 per cent below the $139,000 price from the same time last year.

Moose Jaw

Sales in Moose Jaw were down 34.7 per cent, going from 49 in May 2019 to 32 in May 2020, and down 32.8 per cent in the overall region, going from 61 to 41. In Moose Jaw, sales were 38.0 per cent below the 5-year average (and 48.6 per cent below the 10-year average), while in the larger region, sales were 38.3 per cent below the 5-year average (and 47.8 per cent below the 10-year average). Year-to-Date (YTD) sales in Moose Jaw fell 27.5 per cent over last year, decreasing from 182 to 132, while YTD sales in the larger region fell 11.1 per cent, going from 216 to 192.

Sales volume was down 41.4 per cent in the city, going from $13.0M to $7.6M in 2020 (41.9 per cent below the 5-year average, and 52.6 per cent below the 10-year average). YTD sales volume in the city was $29.1M, a decrease of 34.8 per cent from last year. In the region, sales volume was down 25.6 per cent, going from $49.0M to $36.5M (46.4 per cent below the 5-year average and 54.9 per cent below the 10-year average). YTD sales volume decreased 25.6 per cent in the region, falling from $49.0M in 2019 to $36.5M in 2020.

In Moose Jaw, the number of new listings in May 2020 fell 43.2 per cent, going from 111 to 63 (40.5 per cent below the 5-year average and 46.4 per cent below the 10-year average), while in the region, new listings fell 34.8 per cent from 158 last year to 103 this year (33.2 per cent below the 5-year average and 39.2 per cent below the 10-year average). YTD new listings in the city fell 24.2 per cent, going from 443 to 336, while in the larger region, the number of new listings to date fell 15.5 per cent, going from 613 to 518. Active listings fell 31.0 per cent in Moose Jaw (down from 358 to 247) and fell 21.5 per cent in the region (down from 605 to 475).

Inventory in Moose Jaw stood at 8 (which is 5.6 per cent above the level last year and 14.0 per cent above the 5-year average), while the sales to listing ratio was 50.8 per cent, suggesting balanced market conditions. Inventory in the larger region stood at 12 (which is 16.8 per cent above the level last year and 30.5 per cent above the 5-year average), while the sales to listing ratio was 39.8 per cent, suggesting that market conditions favour buyers.

Homes in Moose Jaw stayed on the market an average of 83 days in May—up 7.8 per cent from 77 days last year (and above the 5-year average of 66 days and above the 10-year average of 55 days). Homes in the region stayed on the market longer than homes in the city at 93 days on average in 2020, but also up from an average of 81 days last year (and 23.0 per cent above the 5-year average).

Median home prices in Moose Jaw went from $270,000 to $225,000 (a decrease of 16.7 per cent) and were approximately 5.9 per cent below the 5-year and 6.3 per cent below the 10-year average median price. Year-to-date, the median home price in Moose Jaw was $209,200 which is 6.0 per cent below the $222,490 price from the same time last year. Median home prices in the region went from $250,000 to $203,000 (a decrease of 18.8 per cent) and were approximately 8.0 per cent below the 5-year and 8.3 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $175,150 which is 14.9 per cent below the $205,890 price from the same time last year.

Prince Albert

Sales in Prince Albert were up 2.8 per cent, going from 36 in May 2019 to 37 in May 2020, and up 3.0 per cent in the overall region, going from 66 to 68. In Prince Albert, sales were 17.4 per cent below the 5-year average (and 22.6 per cent below the 10-year average), while in the larger region, sales were 4.8 per cent below the 5-year average (and 9.3 per cent below the 10-year average). Year-to-Date (YTD) sales in Prince Albert fell 5.6 per cent over last year, decreasing from 125 to 118, while YTD sales in the larger region fell 14.4 per cent, going from 229 to 196.

Sales volume was down 1.3 per cent in the city, going from $8.4M to $8.3M in 2020 (21.4 per cent below the 5-year average, and 28.0 per cent below the 10-year average). YTD sales volume in the city was $24.0M, a decrease of 9.9 per cent from last year. In the region, sales volume was down 10.5 per cent, going from $46.9M to $41.9M (1.1 per cent below the 5-year average and 5.1 per cent below the 10-year average). YTD sales volume decreased 10.5 per cent in the region, falling from $46.9M in 2019 to $41.9M in 2020.

In Prince Albert, the number of new listings in May 2020 fell 40.2 per cent, going from 102 to 61 (40.0 per cent below the 5-year average and 39.8 per cent below the 10-year average), while in the region, new listings fell 22.7 per cent from 203 last year to 157 this year (25.8 per cent below the 5-year average and 25.2 per cent below the 10-year average). YTD new listings in the city fell 17.3 per cent, going from 330 to 273, while in the larger region, the number of new listings to date fell 19.2 per cent, going from 688 to 556. Active listings fell 12.7 per cent in Prince Albert (down from 306 to 267) and fell 16.5 per cent in the region (down from 727 to 607).

Inventory in Prince Albert stood at 7 (which is 15.1 per cent below the level last year and 1.2 per cent below the 5-year average), while the sales to listing ratio was 60.7 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 9 (which is 19.0 per cent below the level last year and 13.3 per cent below the 5-year average), while the sales to listing ratio was 43.3 per cent, suggesting balanced market conditions.

Homes in Prince Albert stayed on the market an average of 82 days in May—up 7.9 per cent from 76 days last year (and above the 5-year average of 80 days and above the 10-year average of 75 days). Homes in the region stayed on the market longer than homes in the city at 95 days on average in 2020, but also down from an average of 98 days last year (and 2.6 per cent above the 5-year average).

Median home prices in Prince Albert went from $226,500 to $229,000 (an increase of 1.1 per cent) and were approximately 0.8 per cent above the 5-year and 1.6 per cent below the 10-year average median price. Year-to-date, the median home price in Prince Albert was $196,517 which is 4.1 per cent above the $188,780 price from the same time last year. Median home prices in the region went from $189,500 to $230,950 (an increase of 21.9 per cent) and were approximately 6.5 per cent above the 5-year and 4.3 per cent above the 10-year average median price. Year-to-date, the median home price in the region was $203,890 which is 11.4 per cent above the $183,000 price from the same time last year.

Swift Current

Sales in Swift Current were down 47.8 per cent, going from 23 in May 2019 to 12 in May 2020, and down 41.7 per cent in the overall region, going from 48 to 28. In Swift Current, sales were 51.6 per cent below the 5-year average (and 58.5 per cent below the 10-year average), while in the larger region, sales were 41.4 per cent below the 5-year average (and 44.9 per cent below the 10-year average). Year-to-Date (YTD) sales in Swift Current fell 17.0 per cent over last year, decreasing from 94 to 78, while YTD sales in the larger region fell 17.7 per cent, going from 158 to 130.

Sales volume was down 49.1 per cent in the city, going from $7.1M to $3.6M in 2020 (49.8 per cent below the 5-year average, and 53.5 per cent below the 10-year average). YTD sales volume in the city was $18.7M, a decrease of 26.4 per cent from last year. In the region, sales volume was down 27.6 per cent, going from $34.5M to $25.0M (48.2 per cent below the 5-year average and 51.2 per cent below the 10-year average). YTD sales volume decreased 27.6 per cent in the region, falling from $34.5M in 2019 to $25.0M in 2020.

In Swift Current, the number of new listings in May 2020 fell 35.7 per cent, going from 70 to 45 (20.5 per cent below the 5-year average and 22.5 per cent below the 10-year average), while in the region, new listings fell 27.3 per cent from 139 last year to 101 this year (14.0 per cent below the 5-year average and 19.5 per cent below the 10-year average). YTD new listings in the city fell 31.6 per cent, going from 288 to 197, while in the larger region, the number of new listings to date fell 24.6 per cent, going from 528 to 398. Active listings fell 23.9 per cent in Swift Current (down from 268 to 204) and fell 20.3 per cent in the region (down from 592 to 472).

Inventory in Swift Current stood at 17 (which is 45.9 per cent above the level last year and 88.7 per cent above the 5-year average), while the sales to listing ratio was 26.7 per cent, suggesting that market conditions favour buyers. Inventory in the larger region stood at 17 (which is 36.7 per cent above the level last year and 55.1 per cent above the 5-year average), while the sales to listing ratio was 27.7 per cent, suggesting that market conditions favour buyers.

Homes in Swift Current stayed on the market an average of 90 days in May—up 38.5 per cent from 65 days last year (and above the 5-year average of 73 days and above the 10-year average of 69 days). Homes in the region stayed on the market for less time than homes in the city at 89 days on average in 2020, but also down from an average of 91 days last year (and 4.0 per cent above the 5-year average).

Median home prices in Swift Current went from $267,000 to $257,500 (a decrease of 3.6 per cent) and were approximately 2.7 per cent above the 5-year and 6.5 per cent above the 10-year average median price. Year-to-date, the median home price in Swift Current was $224,310 which is 8.1 per cent below the $244,000 price from the same time last year. Median home prices in the region went from $186,650 to $155,000 (a decrease of 17.0 per cent) and were approximately 13.7 per cent below the 5-year and 18.4 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $172,861 which is 10.5 per cent below the $193,180 price from the same time last year.

Yorkton

Sales in Yorkton were up 60.0 per cent, going from 15 in May 2019 to 24 in May 2020, and up 5.3 per cent in the overall region, going from 75 to 79. In Yorkton, sales were 6.2 per cent above the 5-year average (and 0.4 per cent below the 10-year average), while in the larger region, sales were 1.8 per cent above the 5-year average (and 1.6 per cent below the 10-year average). Year-to-Date (YTD) sales in Yorkton rose 22.0 per cent over last year, increasing from 59 to 72, while YTD sales in the larger region fell 1.2 per cent, going from 250 to 247.

Sales volume was up 49.1 per cent in the city, going from $3.9M to $5.8M in 2020 (5.8 per cent above the 5-year average, and 3.2 per cent above the 10-year average). YTD sales volume in the city was $15.0M, a decrease of 2.6 per cent from last year. In the region, sales volume was down 15.3 per cent, going from $39.9M to $33.8M (4.8 per cent below the 5-year average and 7.8 per cent below the 10-year average). YTD sales volume decreased 15.3 per cent in the region, falling from $39.9M in 2019 to $33.8M in 2020.

In Yorkton, the number of new listings in May 2020 fell 35.2 per cent, going from 54 to 35 (32.4 per cent below the 5-year average and 31.0 per cent below the 10-year average), while in the region, new listings fell 25.1 per cent from 231 last year to 173 this year (22.9 per cent below the 5-year average and 21.3 per cent below the 10-year average). YTD new listings in the city fell 19.2 per cent, going from 214 to 173, while in the larger region, the number of new listings to date fell 14.1 per cent, going from 834 to 716. Active listings fell 19.2 per cent in Yorkton (down from 214 to 173) and fell 16.5 per cent in the region (down from 1,068 to 892).

Inventory in Yorkton stood at 7 (which is 49.5 per cent below the level last year and 18.9 per cent below the 5-year average), while the sales to listing ratio was 68.6 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 11 (which is 20.7 per cent below the level last year and 12.6 per cent below the 5-year average), while the sales to listing ratio was 45.7 per cent, suggesting balanced market conditions.

Homes in Yorkton stayed on the market an average of 101 days in May—up 134.9 per cent from 43 days last year (and above the 5-year average of 74 days and above the 10-year average of 82 days). Homes in the region stayed on the market longer than homes in the city at 123 days on average in 2020, but also up from an average of 115 days last year (and 6.4 per cent above the 5-year average).

Median home prices in Yorkton went from $240,000 to $220,350 (a decrease of 8.2 per cent) and were approximately 1.5 per cent below the 5-year and 6.4 per cent above the 10-year average median price. Year-to-date, the median home price in Yorkton was $212,250 which is 5.0 per cent below the $223,455 price from the same time last year. Median home prices in the region went from $147,000 to $130,000 (a decrease of 11.6 per cent) and were approximately 9.9 per cent below the 5-year and 11.9 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $109,400 which is 11.7 per cent below the $123,900 price from the same time last year.

South East Saskatchewan

Sales in south east Saskatchewan were up 30.0 per cent, going from 40 in May 2019 to 52 in May 2020, up 7.0 per cent from the 5-year average (and 14.3 per cent below the 10-year average). The total number of sales in Estevan rose 62.0 per cent (going from 8 to 13) and fell 6.7 per cent in Weyburn (going from 15 to 14). Sales in Estevan were 9.7 per cent below the 5-year average (and 33.7 per cent below the 10-year average), while they were 1.4 per cent above the 5-year average (and 28.6 per cent below the 10-year average) in Weyburn. Year-to-Date (YTD) sales in the overall region were up 2.7 per cent over last year, going from 40 to 52, and with YTD sales in Estevan rising from 33 to 40, and falling 25.5 per cent in Weyburn, going from 51 to 38.

Sales volume in the region rose 26.2 per cent, going from $7.5M to $9.5M in 2020 (11.5 per cent below the 5-year average, and 35.3 per cent below the 10-year average). Sales volume in Estevan rose 4.8 per cent—$7.4M to $7.8M in 2020 (36.3 per cent below the 5-year average and 53.6 per cent below the 10-year average), while it increased 7.3 per cent in Weyburn—$3.5M to $3.8M (8.0 per cent above the 5-year average and 28.6 per cent below the 10-year average). YTD sales volume in the region fell from $28.3M to $27.3M in 2020 (a decrease of 3.3 per cent), with Estevan seeing a 4.8 per cent rise and Weyburn seeing a 25.5 per cent drop in the YTD sales volume.

The number of new listings in south east Saskatchewan fell 12.3 per cent, going from 155 to 136 (13.9 per cent below the 5-year average and 10.6 per cent below the 10-year average). The number of new listings in Estevan were down from 40 last year to 28 this year (a fall of 30.0 per cent), while in Weyburn, new listings increased from 24 last year to 28 this year (a rise of 16.7 per cent). Active listings were down 17.0 per cent across the region (870 in 2019 to 722 in 2020), down 34.3 per cent in Estevan (216 to 142), and down 10.3 per cent in Weyburn (175 to 157).

Inventory in south east Saskatchewan stood at 14 (which is 36.2 per cent below the level last year and 20.2 per cent below the 5-year average), while the sales to listing ratio was 38.2 per cent, suggesting that market conditions favour buyers. Inventory in Estevan stood at 11 (which is 59.5 per cent below the level last year and 28.1 per cent below the 5-year average), while the sales to listing ratio was 46.4 per cent, suggesting balanced market conditions. Inventory in Weyburn stood at 11 (which is 3.9 per cent below the level last year and 17.8 per cent below the 5-year average), while the sales to listing ratio was 50.0 per cent, suggesting balanced market conditions.

In 2020, homes stayed on the market an average of 124 days in south east Saskatchewan, down 7.5 per cent from 134 days last year (and 9.9 per cent above the 5-year average of 113 days and 37.3 per cent above the 10-year average of 90 days). Homes in Estevan stayed on the market for less time than homes in the larger region at 105 days on average in 2020, but also down from an average of 160 days last year (and 1.5 per cent below the 5-year average). Homes in Weyburn stayed on the market for less time than homes in the larger region at 110 days on average in 2020, but also down from an average of 138 days last year (and 10.0 per cent above the 5-year average).

Median home prices in the region fell 11.0 per cent, going from $182,000 to $162,000 (21.1 per cent below the 5-year average median price of $205,300 and 28.9 per cent below the 10-year average median price of $227,835). Year-to-date, the median home price in south east Saskatchewan was $161,900 which is 14.3 per cent below the $188,900 price from the same time last year. Median home prices in Estevan went from $246,250 to $154,000 (a decrease of 37.5 per cent) and were approximately 40.7 per cent below the 5-year and 43.2 per cent below the 10-year average median price. Year-to-date, the median home price in the region was $174,100 which is 23.6 per cent below the $227,900 price from the same time last year. Median home prices in Weyburn went from $221,000 to $264,500 (an increase of 19.7 per cent) and were approximately 13.3 per cent above the 5-year and 6.3 per cent above the 10-year average median price. Year-to-date, the median home price in the region was $203,750 which is 11.0 per cent below the $229,000 price from the same time last year.

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