Strong sales remain in the housing market, as inventory shrinks. (file photo/battlefordsNOW Staff)

By Josh Ryan

Seller's market

Real estate sales remain strong in the Battlefords, Meadow Lake

Mar 5, 2021 | 6:20 PM

Housing sales continue to be extremely high in Saskatchewan.

The monthly report from the Saskatchewan Realtors Association (SRA) showed sales were up once again in February, with a 110 per cent increase in North Battleford and 200 per cent increase in the region overall. This outstrips the provincial average of a 74 percent increase from last February. Sales prices were up in 13 of the 19 markets the SRA tracks, which Economic Analyst Chris Gbekorbu said will coincide with new listings rise in certain markets.

“Rising prices could help to encourage would-be sellers who, having seen homes jump in value last year, don’t want to miss out on rising prices this year,” he said.

Battlefords and Meadow Lake Re/Max owner Wally Lorenz said it’s shocking to see this level of sales during a period where people are usually less aggressive and even more evidence that inventory has slipped away. In North Battleford, that number sits at 4.7 months (a 76 per cent drop from last year) and new listings dropped from 37 to 30.

“It’s usually starting into March to April, where we see properties coming on to the market,” Lorenz said. “That it’s starting this early in the year is a big surprise. These numbers we’re seeing are ones you’d normally see in May.

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“We’ve got buyers, now we just got to find sellers.”

Lorenz added that the numbers regarding time on market having increased are slightly deceiving. Homes in North Battleford stayed on the market for an average of 116 days, up more than 200 per cent from 38 days last year, but that statistic is related to the number of available homes.

“It’s more so product was out there for some time and we have less inventory,” Lorenz said. “So, that number kind of fudges the other number.”

Many realtors in the province are likely to start trying to bump the price up, but Lorenz said there’s some danger there, in part because banks are still pretty cautious in risk factors they use.

“So, that might control the amount of upside there is on the market value with properties,” he said.

Meadow Lake statistics are not listed in the report, but Lorenz said what he has seen largely is in-line with the Battlefords and other regions, adding that he will have a more detailed breakdown soon. So far in 2021, Meadow Lake is staying just as steady in moving houses, especially in the $200,000-$3,000,000 value.

The question remains what will happen if the province begins to let things open up. Lorenz said he thinks when things open up and people can go out, this level of sales will taper off, but interest for those looking to spend time at lakes will increase.

“We think we’ll see some real interest open up with lake properties as well,” he said. “People will really try and find a way of getting the financing if they are really in tune to that kind of property.”

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josh.ryan@jpbg.ca

On Twitter: @JoshRyanSports