Swift Current residential real estate sales hits new high
The city of Swift Current set a new record for residential real estate sales in 2021 according to figures released from the province’s MLS® system.
There were 356 sales of homes, lots and multi-family properties last year which topped the previous record of 326 set in 2007. Veteran agent Kelsey Adam with Century 21 Accord Realty broke down the figures in his annual report.
“We had a strong first quarter, but a record-setting second quarter really helped boost the numbers for the year,” he stated. “The third quarter was average, but our fourth quarter also saw a record-setting 89 sales when we typically see 50 to 70.”
Adam credits low interest rates and economic stability in many employment sectors as contributing factors to the increase in sales. “People are spending more time in their homes and are needing more from where they live. Because of the pandemic, people’s houses are also their office, gym, theatre and school,” Adam said. “I also think that without trips and going out so much, people are having an easier time saving up their down payment.”
There was also a slight 3% increase in new listings on the market in 2021 with 594 entering the MLS® system, which helped to keep inventory stable. At the end of the
year there were 177 homes on the market, compared with 178 to finish off 2020. “What we have been doing is chewing through the glut of homes that we saw come on the market in 2019,” explained Adam.
The average sale price in 2021 rose to $276,000. “While that is 6% higher than last year’s $259,000, it still is close to the $274,000 average price we saw in 2018,” Adam clarified. “The volume increases happened in the $200,000 to $400,000 range, so that helps to bring the average price up.”
With continued uncertainty surrounding new Covid variants, Adam sees little change in the market for the upcoming year. While interest rates are expected to rise due to inflationary pressures, low inventory and higher demand should balance that out to keep the housing market strong for the start of 2022.