Battlefords real estate saw massive sales in January. (file photo/battlefordsNOW Staff)

By Josh Ryan

Seller's market

Homes selling at high numbers in Battlefords area

Feb 7, 2021 | 4:15 PM

”The real estate boom that has occurred in the Battlefords and across Saskatchewan during the pandemic has continued into 2021.

As reported by the Saskatchewan Realtors Association, regional sales were up 122 per cent in the area, with sales in North Battleford increased by 180 per cent. This is the largest bump in the province, which saw a 49 per cent increase overall.

“We haven’t seen a January like this since 2012,” SRA Economic Analyst Chris Gbekorbu said.

New listings have dropped down 10 per cent from their historical averages in line with the rising number of sales. Gbekorbu said this could put upward pressure on prices and help encourage potential sellers.

“Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021,” he said.

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Wally Lorenz, RE/MAX Owner in the Battlefords and Meadow Lake, said it was shocking to see such a high number to start the New Year during a normally quiet period. Alreayd in 2021, 52 properties were sold, with the residential dollar volume nearly doubling. Properties in the high $400,000 to $600,000 range were selling, with a wide variety of buyers.

“Twenty was the number we sold last year, so we’re well over the number we sold then,” Lorenz said.

The last time properties were selling at this rate, families and workers were migrating en mass for work opportunities. Lorenz said while there are some outside buyers, that’s not what’s driving this surge, rather internal buyers.

“What we are finding here is people upscaling, wanting more space since they are indoors so much,” he said. “But that will come to a halt if they can’t find inventory.”

The drop in inventory is creating a challenge in finding properties, which has driven up prices, but not yet enough houses.

“It’s a bit of a concern to the buyer, because they know that they got to get out there and look around and there’s not much around to look at,” Lorenz said.

He recommends anyone thinking of putting their house on the market to act.

“This is the time to do it, because the buyers are out there,” he said.

Lake properties were another factor in real estate sales taking off since the April and Lorenz said he expects another run in the spring, barring a mass relaxing of COVID-19 guidelines. While it’s possible there are some buyers who upgraded their homes in part to have larger work spaces because of the pandemic, Lorenz said that isn’t likely to stay as a trend.

People need to get together and do business together,” he said. “We’re maybe not going to have the full day to day contact, but we’re definitely going to have people come back and interact.”

The average price for a regional property in the Battlefords this past month was $216,594.

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josh.ryan@jpbg.ca

On Twitter: @JoshRyanSports