WEYBURN – Sales of real estate in Weyburn and in southeast Saskatchewan were both up in November, along with new listings, while the inventory of real estate is down, according to the latest figures from the Saskatchewan Realtors Association.
Province-wide, sales are up as well, with a total of 1,361 residential sales recorded across Saskatchewan, a new record high for November and over 50 per cent more than long-term averages. There were 16 sales in November in Weyburn, and 74 sales in the southeast region, which are both up significantly from a year ago.
The growth in sales across the province were mostly driven by gains in detached, attached and acreage properties, and the province is on track for record high sales for the year.
“Concerns over inflation have left many anticipating that rates will rise earlier than expected in 2022. This has likely supported the recent shift in sales as buyers want to get ahead of any rate gains,” said Chris Guerette, CEO of the Saskatchewan Realtors Association.
Supply levels did not keep up with the sudden shift in sales, as new listings across Saskatchewan totaled 1,521 units. In Weyburn, there were 19 new listings in November, which is up year-to-year, but down by 10 per cent from October, and down 22.8 per cent year-to-date. There were 83 new listings for the southeast region.
The current inventory of residential properties in Weyburn is 107 units, down 18.3 per cent from a year ago, and there is 6.69 months of supply, which is also down from last year.
In the southeast as a whole, there are 569 units in inventory, down 10.7 per cent from a year ago, but up 5.4 per cent so far this year, and there are 7.69 months of supply in the southeast, down 54.1 per cent from a year ago.
The total residential benchmark price in Weyburn was $225,200 in November, which is up 7.5 per cent from a year ago, and in the southeast, the residential average price is $199,295, down 0.4 per cent from a year ago.
In Weyburn, the vast majority of residential sales were in the range between $2-300,000, while in the southeast, most house sales were in the $1-200,000 range, with an almost even split between the $2-300,000 range, and under $100,000.
Of the 16 sales in Weyburn, 13 were for detached homes, two were apartments and one was a mobile home. Of the 19 new listings, 15 were of detached homes, one was attached, one is an apartment and two were mobile homes.
The average price of detached homes was $285,808; for an apartment it was $176,000; and for a mobile home, it was $135,000.
Year-to-date in Weyburn, there have been 145 residential sales, of which 117 were detached homes, with an average price of $277,607; seven attached homes with an average price of $240,714; 16 apartments with an average price of $146,281, and five mobile homes with an average price of $130,200.
In the southeast area, the 74 sales were comprised of 56 detached homes with an average price of $209,052; three were attached homes with an average price of $181,038; six were apartments with an average price of $139,333; five were acreages with an average price of $245,520; and four were mobile homes with an average price of $108,563.
For the year-to-date in the southeast, there have been 619 sales, comprised of 464 detached homes with an average price of $211,624; 38 attached homes with an average price of $205,843; 36 apartments, with an average price of $116,326; 48 acreages, with an average price of $284,888; and 33 mobile homes, with an average price of $79,517.