January Market Report

Posted: Friday February 12, 2021

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.

Regina

Sales in Regina were up 75.5%, going from 110 in January 2020 to 193 in January 2021, and up 68.9% in the overall region, going from 132 to 223. In Regina, sales were 32.4% above the 5-year average (and 29.2% above the 10-year average), while in the larger region, sales were 31% above the 5-year average (and 30.2% above the 10-year average).

Sales volume was up 82.1% in the city, going from $29.1M to $52.9M in 2021 (27.9% above the 5-year average, and 20.3% above the 10-year average). In the region, sales volume was up 64.9%, going from $37.0M to $61.1M (25.3% above the 5-year average and 20.5% above the 10-year average).

In Regina, the number of new listings in January 2021 fell 1.7%, going from 344 to 338 (11.4% below the 5-year average and 9.5% below the 10-year average), while in the region, new listings fell 11.7% from 436 last year to 385 this year (17.4% below the 5-year average and 15.5% below the 10-year average). Active listings fell 30.2% in Regina (down from 1,202 to 839) and fell 32.7% in the region (down from 1,622 to 1,092).

Inventory in Regina stood at 4.3 months (which is 60.2% below the level last year and 44.6% below the 5-year average), while the sales to listing ratio was 57.1%, suggesting balanced market conditions. Inventory in the larger region stood at 4.9 months (which is 60.1% below the level last year and 46.1% below the 5-year average), while the sales to listing ratio was 57.9%, suggesting balanced market conditions.

Homes in Regina stayed on the market an average of 57 days in January—down 32.1% from 84 days last year (but below the 5-year average of 67 days and below the 10-year average of 57 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2021, but also down from an average of 87 days last year (and 11.6% below the 5-year average).

In Regina, the MLS® Home Price Index (HPI)—which provides a more accurate measure of house price trends—was up 4.7% year-over-year, going from $266,100 to $278,600.

Click here for the full report: https://mlssask.ca/february-2021-media-release/

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