October 2024 - Market Update - Estevan

Estevan Real Estate Market Update: October 2024 - Key Trends and Insights

The Estevan real estate market in October 2024 has shown interesting shifts, with notable increases in sales and average prices amidst declining inventory. Here's a comprehensive look at the latest trends, including sales figures, inventory updates, price points, and what they mean for Estevan buyers and sellers.

Estevan Real Estate Market Trends October 2024

1. Increased Sales Activity
   Estevan recorded 13 total residential sales in October, reflecting an 18% year-over-year (Y/Y) increase. This uptick in sales activity suggests strong buyer demand and reinforces Estevan's appeal as a desirable location for real estate investment.

2. Sharp Decline in New Listings
   October saw a significant drop in new listings, which fell by 60% compared to last year, with only 10 new properties hitting the market. Limited new listings reduce choices for buyers, which often contributes to a competitive market environment in Estevan.

3. Reduced Inventory Levels
   Total inventory levels in Estevan reached only 58 units in October, representing a 43.1% Y/Y decrease. This sharp reduction limits options for potential buyers and could lead to increased competition, particularly in popular property segments.

4. Months of Supply Remain Low
   Estevan’s months of supply measure for October was just 1.3 months, signaling a seller's market with high demand and fewer available listings. Compared to last year, the months of supply has increased by 62% YTD, further highlighting the competitive landscape for buyers in Estevan.

5. Days on Market (DOM) Remain Stable
   Properties in Estevan averaged 82 days on the market (DOM) in October. Although slightly higher than earlier months, this average still supports a steady pace in sales for this region.

Estevan Real Estate Prices – October 2024

1. Residential Benchmark Price Up 4.3%
   The total residential benchmark price in Estevan rose to $202,500 in October, reflecting a 4.3% Y/Y increase. This appreciation indicates growing property value in Estevan as demand continues to outpace supply.

2. Detached Homes Lead the Market
   Detached properties, a popular choice in Estevan, saw a benchmark price of $189,100, up 3.7% Y/Y. Detached homes continue to represent a significant portion of Estevan's residential sales, making this an important segment for both buyers and sellers to monitor.

3. Sales by Price Range
   Properties priced in the $200,000 - $299,999 range are the most active, likely appealing to buyers seeking a balance of affordability and value. This mid-range price point remains highly competitive and is driving significant interest among Estevan homebuyers.

What This Means for Buyers and Sellers in Estevan

• For Buyers: Estevan’s low inventory and rising prices indicate a need to act swiftly when attractive properties become available. Buyers may need to be more flexible and ready to make quick decisions in this competitive market.

• For Sellers: With demand high and new listings limited, this is an opportune time to list a property in Estevan. Sellers can benefit from reduced competition and potentially secure favorable prices.

Estevan Real Estate Market Outlook

Looking forward, Estevan’s real estate market is expected to remain competitive as inventory levels remain tight and buyer demand persists. For those planning to buy or sell, staying updated on local trends and market conditions is essential.

Considering buying or selling a property in Estevan? Reach out for expert advice and to make the most of Estevan's dynamic real estate market in 2024.