WEYBURN – Saskatchewan reported 1,183 sales of residential real estate in March, a two per cent year-over-year decline and nearly six per cent above long-term, 10-year average, saccording to the Sask. Realtors Association.
In Weyburn, there were seven real estate sales in the month of March, which is down by 61 per cent from a year ago, and down 34.6 per cent compared to the 10-year average.
Broken down, three of the sales in March were for detached homes, one was for a townhouse and three were for apartments. The sales year-to-date are 26, including 19 detached homes, two townhouses and five apartments.
Despite a slight year-over-year dip in March sales, year-to-date sales remain 10 per cent above levels seen last year provincially, while in Weyburn the year-to-date sales are down 35 per cent from last year.
The strong start to the year was primarily driven by gains in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw economic regions.
A ninth consecutive month of above-average sales in the province was met with declining new listings, preventing supply growth in March. As a result, inventory levels dipped by 15 per cent year-over-year and remain nearly 40 per cent below long-term, 10-year trends.
New listings in Weyburn numbered 16 for March, which is down 30.4 per cent from a year ago, and down 44.6 per cent compared to the 10-year average. The inventory level in Weyburn sits at 78 properties, which is down 30.4 per cent from a year ago, and down 46.8 per cent from the 10-year average.
In addition, Weyburn has 11.14 months of supply, which is up 79 per cent from a year ago, but versus the 10-year average is down by 37.4 per cent.
“Our province continues to report above-average sales despite persistent inventory challenges, which are approaching concerning levels in some of our major centres,” said Association CEO, Chris Guérette. “The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now. Without question, it’s a difficult time for prospective homebuyers, specifically for those searching for properties priced below $400,000.”
Tight market conditions across many regions of the province continue to support price growth, as Saskatchewan reported a provincial benchmark price of $334,500 in March – up from $330,800 in February and nearly four per cent higher than March 2023.
The benchmark price in Weyburn was $229,100, which is up 7.9 per cent from a year ago. This price pertains to a three-bedroom home with two baths, an attached garage and 1,159 sq.ft. of gross living area, above ground, built around 1972.
While prices rose across all property types, the largest year-over-year gains occurred in apartment and row/townhouse-style units.
“While it’s important to note that real estate is local and market conditions vary throughout the province – the inventory crunch in certain markets is significant right now,” said Guérette. “It remains to be seen whether new listing relief is on the way, but all signs currently point to a challenging spring and summer market in Saskatchewan.”
