“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:
If you have questions about anything real estate, just ask…
We’re here to help!
~ Karin & Jen