Submitted by Kelsey Adam
With another year of real estate in the books, Swift Current numbers have ebbed a bit in 2023, but are still holding their own according to 25-year veteran REALTOR® Kelsey Adam.
“We have certainly had some external market pressure, mainly from higher interest rates,” said the Century 21 Accord Realty agent. “And while all of our numbers are lower, they are only slightly lower than the long-term average.”
Adam has been tracking sales number since 2000, and while this year’s figures are down from the past 3 years, they are slightly higher than the 24-year average. 2023 sales of residential homes, lots and multi-family dwellings came in at 270 for the city. While that lags behind the 317 from the previous year and the record 356 in 2021, it is marginally higher than the 268.75 average since 2000.
“It isn’t uncommon to see sales drop a bit after 3 years of record and near-record numbers,” Adam pointed out. “And when you balance it with the rest of the data, there is no cause for concern.”
Statistics released recently by the Saskatchewan REALTORS® Association also show that inventory levels stayed consistent with last year. On average, 2023 saw 163 residences on the market at any given time, which matches 2022 when that figure was 161.
“Supply has been keeping consistent with sales,” added Adam, “and we are well below the 170 to 238 that we have seen over the previous 5 years.”
The average sale price in Swift Current was $261,600, which was slightly less than 2022’s average of $267,828, and the $273,681 experienced in 2021, but still higher than $256,685 and $255,023 in 2020 and 2019 respectively. Meanwhile, the median sale price dropped from $260,000 in 2022 to $239,250. Once again, that puts that number more in line with statistics from 2019 and 2020.
“Typically, when we see a lower median price, that means there are fewer higher end homes selling, and more entry-level properties moving,” he explained.
“So, while we didn’t have a banner year, we did have a solid year.” Adam summarized, “Home prices are still affordable for buyers, and inventory is slightly lower so sellers are getting a fair price. That is good for both sides of the market and puts us in a solid position moving into 2024.”
