(Mat Barrett/northeastNOW Staff)

By Mat Barrett

Northeast Real Estate

Strong start to 2021 for northeast real estate market

Feb 4, 2021 | 2:48 PM

It was a very positive month of January for the real estate market in northeast Saskatchewan.

Joline Ozeroff, associate broker at Royal Lepage Hodgins Realty in Melfort, said 2021 started off strong. Comparing numbers month to month in January from 2020 to 2021, dollar volume sales are up 130 per cent. However, looking at year to date, dollar volume sales went down about 4.5 per cent, but most of that can be credited to the beginning of the COVID-19 pandemic in 2020.

Ozeroff told northeastNOW while the pandemic struck the market at the beginning, it only had a small affect for a few months.

“In fact, if anything, it drove up the demand,” she said. “Which, coming into 2021, has started to drive up the demand.”

It’s a sellers’ market right now, according to Ozeroff and the numbers are showing it. Average prices for homes in the northeast are upwards of $200,000, up from $160,000. She added inventory is very similar to what it was last year, but what’s really making the difference is how much time a home is on the market. Average time right now sits around four months, down from the previous average of between six and nine months.

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Ozeroff said some of this can be attributed to some outside investors, or people from outside Saskatchewan looking to buy in the area. She said with the COVID-19 numbers in the northeast relatively under control, and the closeness of the area to bigger centres and having mostly everything needed in the area is very attractive to buyers.

“We haven’t seen that kind of interest and demand since probably the years of 2007 to 2012,” _{-Joline Ozeroff}

“So, it’s quite good to see and we foresee that to continue into the next year or so,” Ozeroff said.

Ozeroff had some tips for both sides to make sure things go smoothly. For sellers, making sure your house is tidy and clean is a great start, as well as doing any minor repairs to the home before it goes on the market. She said then it’s time to contact your realtor for a home evaluation and then getting it on the market.

On the other side, buyers should first look at getting pre-approved before really doing anything else. After that, get in contact with a realtor and start talking about preferences for your home to kickstart the process.

“This helps speed up the process for a buyer,” Ozeroff said. “To be ready to act quickly in a fast paced, considered sellers’ market.”

Ozeroff also encouraged those who are in the process of buying or selling to make sure they feel comfortable with their realtor and to ask plenty of questions.

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mat.barrett@jpbg.ca

On Twitter: @matbarrett6