WEYBURN – July sales of residential real estate eased to 1,439 units across the province, reflecting a year-over-year decline of nine per cent contributing to the year-to-date decline of nearly 10 per cent.
In Weyburn, there were 14 properties sold in July, which is up by 16.7 per cent from a year ago, but down slightly from the 10-year average by 2.1 per cent.
While sales have eased province-wide, last year was a record year, and with year-to-date sales just shy of 10,000 units, levels are still well above long-term averages for the province. In Weyburn, sales year-to-date are at 95 properties, which is up by one per cent from a year ago.
Broken down, 80 of these properties were detached dwellings, three were attached, 11 were apartments and one was a mobile home.
New listings across Saskatchewan trended down from levels seen over the past few months and last year’s levels. Nonetheless, the pullback in sales has outpaced the decline in new listings supporting a shift toward more balanced conditions. This also caused inventory levels to continue to trend up for the lows recorded earlier in the year. While inventories pushed up to 7,142 units, levels are still nearly 11 per cent lower than what was available in the market last year.
In Weyburn, there were 28 new listings in July, which is up by 33.3 per cent from a year ago, and up four per cent for the year-to-date, with 181 new listings as of the end of July. Of these, 145 are of detached dwellings, nine are attached, 20 are apartments and seven are mobile homes.
The inventory of properties for sale in Weyburn is 132 as of the end of July, up slightly from a year ago, with 9.43 months of supply, higher than the provincial level of under five months of supply.
“As expected, gains in lending rates are having some cooling impacts on the housing market causing consumers to seek out more affordable options. The challenge will be product availability in the lower price ranges of the market. Supply levels are improving compared to earlier in the year, however, the year-over-year decline in inventory has been driven by homes priced below $400,000,” commented Chris Guérette, CEO of Saskatchewan REALTORS® Association.
Relatively tight conditions are supporting further price gains in the province at a time when many cities in Canada are seeing some retraction of prices. In July, the benchmark price reached $335,100, slightly higher than the previous month and over five per cent higher than levels recorded in July 2021.
The residential benchmark price in Weyburn is $224,700, which is up nine per cent year-over-year. The benchmark price for a detached home is $236,800, and for an apartment, $130,900. The benchmark price refers to a three-bedroom home with attached garage, and 1,168 square feet of living area.
The average price in July for a detached residential property in Weyburn was $252,408, and for an apartment, $92,500.
“Moving forward, further rate increases are expected as concerns over inflation persist in the market. This will continue to weigh on housing markets across the country,” said Guérette. “However, markets like Saskatchewan are expected to fare better than some of the larger centers in the country as they never experienced the same level of price growth throughout the pandemic.”
