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!


Email: Info@W2RealtyTeam.com



Happy House Hunting! 


~  Karin & Jen


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“SASKATCHEWAN REAL ESTATE MARKETS REBOUNDING AS PROVINCE RE-OPENS: Strong Recovery Expected”


The May 2020 market stats are out and signs remain positive! We have seen a lot of activity in the market since the beginning of May when our provincial re-open plan began and the hopefulness & positivity we see in our province is reflected in both buyers & sellers appetite to make a move in real estate!


Here’s a snapshot of what happened in our market in May:

* Sales in Regina held in May at 293 vs 289 in April, but still down from 339 sales YTD.

* The number of new listings in May 2020 rose dramatically to 644 from 286 new listings in April this year, but more on par with new listing numbers from a year ago.

* Homes in Regina stayed on the market an average of 66.3 days in May—up just slightly from 62.7 days in April (and from 61 days a year ago).

* Average home prices in Regina went from $287,925 in April to $294,390 in May (an increase of 2.2%).

* The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 3.7% 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.


So what does all of that mean to you?
In a nutshell, we have thankfully not seen any measurable effect of a COVID-19 world in regards to our local real estate market….so far so good!


The National picture may be different because every province is in a different situation right now and of course, we have all heard about the controversial decision CMHC has made in regards to new mortgage rules…here is an excerpt from our SRA Market media update in reference to that topic:


“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% 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% from last year, and YTD prices in several 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.”


To view the full report from our Saskatchewan Realtors® Association click on the link below:
https://mlssask.ca/june-2020-media-release/



If you have questions about anything real estate, just ask…
We’re here to help!


~ Karin & Jen

Info@W2Realtyteam.com

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“SASKATCHEWAN REAL ESTATE MARKETS FARE BETTER THAN EXPECTED: poised to help boost provincial economy”

The April market stats are out and as the headline reads, the numbers are “better than expected” and actually mirror exactly what we have experienced personally in our business.

We have seen less activity in the market in April, more so on the selling side than buying, and most transactions were necessary rather than discretionary. But because there were less listings, we saw homes selling quickly and prices holding.

The National picture may be different because every province is in a different situation right now but we knew that the effects of a COVID world on real estate in Regina, and the province as a whole, would be directly related to the time it took to re-open our economy…so far so good!

Here’s a snapshot of what happened in our market in April:

* Sales in Regina were down 50.2%, going from 289 in April 2019 to 144 in April 2020

* The number of new listings in April 2020 fell significantly from the number last year. In Regina, new listings fell 50.8%, going from 581 to 286

* Active listings also fell 17.0% in Regina (down from 1,457 to 1,209), which just means that some sellers chose to remove themselves from the market in this time of COVID.

* Homes in Regina stayed on the market an average of 62 days in April—up a modest 1.6% from 61 days last year.

* Median home prices in Regina went from $283,000 to $287,925 (an increase of 1.7%) and were approximately 1.8% below the 5-year average median price.

* The MLS® Home Price Index (HPI)—which is considered a more accurate measure of house price trends—was down just 0.2% from $271,300 to $271,100, year to year.

For the full SRA media release with all the provincial stats for April check out the link below:
 
⁉️ So what does all of that mean to you?
If you have questions about anything real estate, just ask…
We’re here to help!

~Karin & Jen
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