Thanks to the busiest fourth quarter on record, the Swift Current real estate market ended 2016 on a very busy note.
According to MLS® statistics for the city, there were 70 residential sales in the final three months of the year, which was four more than the boom year of 2007. City real estate agent Kelsey Adam of Century 21 Accord Realty said that prior to that, sales totals were lagging.
“We were fortunate to have the year finish so strongly,” state Adam, “It still puts 2016 in the seventh top spot overall.” Behind totals from 2007, and the previous five years, 2016 saw 259 home sales, down from last year’s 283. “We started out the year neck and neck in the first quarter and close in the second, but an almost 30 per cent lag in the third quarter had us kind of concerned,” admitted the 19-year real estate veteran. “Fortunately, the market picked up its socks in the fourth quarter.”
The number of homes for sale continues to be at an increased level. At the end of December there were 168 properties on the market, compared to 133 a year ago, and only 89 in 2014.
“Several factors contributed to increased inventory,” Adam explained. “There were some senior buildings which opened up, the oil and gas market was slower, and the economy in general was sluggish.”
The average sale price dropped by 3.0 per cent over the previous year, after gradual increases over the past few years. The MLS® stats showed the 2016 average price at $275,000, which was a change from 2015’s average of $284,000 but still ahead of the $265,000 that was experienced in 2014.
“Overall, real estate is still doing very well in Swift Current,” Adam summed up. “Selection is good, interest rates are attractive and owning your own home continues to be a great investment tool.”