WEYBURN - There were 1,691 sales of real estate properties reported across the province in June, a year-over-year decline of six per cent. While year-over-year sales were down, Saskatchewan again reported sales levels well above long-term, 10-year historical averages, accord to the Saskatchewan Realtor's Association.
In Weyburn, there were 14 real estate sales in June, which is the same as in June a year ago, but the sales numbers are down by 11.9 per cent compared to the 10-year average.
Of these sales, 10 were for detached homes and four were for apartments. In the last three years, 83 per cent of sales have been for detached homes, and 16 per cent for apartments.
The average price of the homes sold were $298,950, and for the apartments, $214,750. The number of sales year-to-date totaled 86 in Weyburn as of the end of June, which is up by six per cent from a year ago.
As seen in prior months, inventory levels remain a significant challenge in certain regions of the province. Despite a slight increase from last month, inventory levels were nine per cent below levels seen in the previous year and over 30 per cent below the 10-year average.
The number of new listings in Weyburn were 36, which is up by 44 per cent from a year ago, and up by 3.2 per cent compared to the 10-year average.
Inventory challenges continue to impact the more affordable segment of the market, with homes priced below $300,000 reporting a 17 per cent decline in inventory in June.
The inventory in Weyburn stood at 101 properties at the end of June, which is down by 26.3 per cent compared to a year ago, and down 38.4 per cent compared to the 10-year average.
“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan’s relative affordability advantage are preventing a significant pullback in sales,” said association CEO, Chris Guérette. “Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”
The slight monthly inventory increase did support a modest gain in the months of supply across the province. However, with just under four months of supply, conditions remain lower than levels traditionally seen in June. In Weyburn, there are 7.21 months of supply of properties, which is down 26.3 per cent from a year ago, and down 37.5 per cent from the 10-year average.
Tighter conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $331,500 in June, up from $329,600 in May.
The benchmark price in Weyburn is $241,700 of the end of June, which is up 6.9 per cent from a year ago.
The benchmark price is based on a three-bedroom home with two bathrooms, attached garage, and a living area of 1,159 sq. ft.
“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.”
