JUNE 2020 YQR Real Estate Market Update:
As the province continues to re-open, the real estate sector is experiencing a strong recovery!
Year-over-year sales across the province were up close to 50% from June of last year and down only slightly year-to-date, signalling that we’ve nearly recovered all of the sales lost during the COVID lockdown.
New listings were up almost 8% over June last year and the median home price was up almost 2%.
Total inventory is down indicating that people are eager to buy now and make up for lost time due to the pandemic, which are seeing personally in our business for sure!
Average Days on Market in June was 58, down from 66 days in May.
From our SRA Media Release regarding June 2020 Market Activity:
“This recovery was expected as physical distancing restrictions were loosened and as people’s confidence began to return. With the economy getting back to “normal”, people are getting excited to buy homes.
“We’ve seen properties in some markets sell within days of being listed,” said SRA CEO Jason Yochim. “And we’ve even seen bidding wars start to break out”, suggesting that people are quite motivated to buy and may be willing to pay more than full listing price. “
This could help to further fuel Saskatchewan’s recovery as people feel encouraged to list their properties as activity increases and home prices rise.
Check out the full July 2020 SRA Media Release here!
If you have questions about buying or selling real estate in Regina, or the market in general,feel free to reach out to us. We're here to help!
Happy House Hunting!
~ Karin & Jen