Sask. sees record-setting 85% increase in home sales in March
REGINA -- The Saskatchewan real estate market is riding the wave of a nation-wide housing frenzy.
In March, 1,719 homes were sold across the province – up more than 85 per cent from last year. New listings were up more than 41 per cent, according to the Saskatchewan Relators Association (SRA).
The SRA said the upward trend was fuelled by a shrinking number of homes for sale combined with a high demand.
Sales in the Bridge City were up 109 per cent from March 2020, going up from 273 to 570 in March 2021. New listings increased 54 per cent, climbing from 602 to 926.
Houses are also staying on the market for a shorter period of time. Homes in Saskatoon were up for sale for an average of 36 days in March, down 34.5 per cent from 55 days last year.
According to the MLS Home Price Index (HPI), Saskatoon saw the price of the benchmark composite home rise 8 per cent year-over-year, going from $290,500 to $314,300.
Home sales in Regina were up 70 per cent from last March, rising from 213 to 362.
There was also a 58 per cent increase in new listings in the Queen City. There were 680 this March, compared to 430 in March 2020.
Homes were on the market for an average of 41 days in March 2021, down 40 per cent from 68 days last year, according to the SRA.
The hot housing market is pushing up the price of homes in Regina. The MLS HPI measured a 9.5 per cent increase year-over-year in the price of a benchmark composite home.
Sales in Moose Jaw increased 93.5 per cent from last March. There were 60 homes sold in March 2021, compared to 31 last year.
The number of new listings fell just over 1 per cent, from 87 to 86 in March 2021.
Houses stayed on the market for an average of 62 days in Moose Jaw this March, compared to 86 days last year – a 28 per cent drop.
Home sales in Prince Albert rose 79 per cent. Last March, there were 24 homes sold. March 2021 saw 43 homes purchased.
The number of new listings increased from 60 to 86 – a 43 per cent jump.
Homes in Prince Albert were on the market longer this year. Houses were up for sale an average of 81 days, up 19 per cent from 68 days last March.