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As 2024 draws to a close, the Estevan real estate market showcases a mix of challenges and opportunities for buyers and sellers alike. Whether you're planning to buy, sell, or simply keeping an eye on the local housing market, understanding these trends is key. Here's a breakdown of the latest real estate statistics for Estevan in November 2024, brought to you by the Saskatchewan Realtors Association (SRA).
Key Highlights for November 2024
Sales Performance
Total residential sales: 8 units, reflecting a 33% year-over-year decline.
Detached homes: 6 units sold, down 25% compared to November 2023.
Apartments: 2 units sold, maintaining the same volume as last year.
Other categories, such as row/townhouses and mobile homes, recorded no sales, highlighting a 100% decline in these segments.
New Listings
Estevan saw 11 new residential listings in November 2024, down 15% year-over-year.
Detached homes saw 5 new listings, a sharp 44% decrease, indicating shrinking options for buyers.
On the flip side, apartment listings increased by 150%, with 5 new units entering the market.
Inventory and Supply
Total residential inventory stood at 48 units, a 48% decline compared to last year.
Months of supply (the time required to sell all inventory at the current sales pace) decreased to 6 months, down 23% year-over-year, pointing to a more competitive market for buyers.
Days on Market (DOM)
The average time to sell a home in Estevan was 85 days, a 23% improvement compared to last November.
Detached homes sold faster at 66 days, while apartments had the longest DOM at 141 days.
Pricing Trends
The average residential price jumped to $201,750, a significant 37% year-over-year increase.
Detached homes led the charge with an average price of $242,333, up 48% year-over-year.
Apartments saw the biggest price drop, with the average price falling 38% to $80,000, presenting potential opportunities for buyers.
Year-to-Date Performance (January to November 2024)
Total residential sales: 146 units, down 6% compared to the same period in 2023.
Detached homes: 109 sales, reflecting a moderate 5% decrease.
Apartments: 23 units sold, a slight decline of 4%, with average prices down 19% to $100,865.
What Does This Mean for Buyers and Sellers?
For Buyers:
Tight inventory: With fewer homes on the market, buyers may face more competition, particularly in the detached home segment, where prices are rising (48% increase).
Opportunities in apartments: With average prices down (38% decline) and more listings available, apartments offer affordability and potential value.
For Sellers:
Detached home sellers: This is an excellent time to list your property, as rising prices and shorter days on market make it a seller's market for detached homes.
Quick sales: With an average DOM of 66 days for detached homes, well-priced properties are moving faster than before.
Looking Ahead
As Estevan enters the holiday season and gears up for early 2025, the local housing market is likely to remain competitive. Tight inventory levels and rising prices in certain categories may create favorable conditions for sellers, while buyers can still find value in segments like apartments.
Whether you're considering buying, selling, or investing, understanding the nuances of the Estevan real estate market is essential to making informed decisions.
Contact an Estevan Real Estate Expert
If you're looking to navigate the Estevan housing market, give me, Joshua LeBlanc a call! Let’s discuss your goals and how you can take advantage of current market conditions. With tailored advice and expert guidance, I can help you make the most of Estevan’s real estate opportunities.
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