Who doesn't love to talk about the housing market? The Estevan landscape is changing for sure. We have more listings than we have had in some time. Just drive in any residential area and you will see several signs. This is great news for Buyers. There is a great selection of potential homes and interest rates remain low, making this a good time to buy. But hold on. This in no way is all gloom and doom for the Estevan housing market. It is and always has been a very strong market. Let me explain.
2012 and 2013 were off the charts crazy. I get tired just thinking about it. We experienced growth, new subdivisions and an influx of workers. You couldn't find a rental. Multiple offers were common. Last year we had 106 properties listed, today 183. Hold on, here is what you don't know. The median sales price has risen from $252,000 in 2012, $287,000 in 2013 to $ $305,000.00 in 2014. The average days on market had dropped from 71 in 2013 to 67 in 2014. So what about prices you say? Well we are holding strong at 96.7% compared to 97.1% last year. Number of sales has dropped substantially. Year to date from 213 last year to 142 in 2014, down 33.3%.
Overall that means the market has stabilized. Selection is great for Buyers. Fair deals are being made. Ridiculously low offers are not working. There is nothing suggesting prices are tumbling down unless the home was optimistically priced and needs serious adjustment. Your agent can do a current market evaluation on the home and suggest a fair sale price. Sellers have to be competitive and be priced right. Prices are holding and reasonably priced homes are selling. Those that are over priced will sit.
Well that was a lot of numbers! I love stats. Here is another one. We at Century 21 Border Real Estate as a team have sold 46% of all the homes sold this year. The other percentages are split between the other four offices. We have been around a long time and do a great job.
I am a full time agent with 14 years of experience with the Century 21 System. Call me if you have questions.