What are the real estate trends in Estevan in 2023?

It remains a buyer's market in Estevan, according to RE/MAX Branch Manager Linda Mack.

"We're holding steady with the last couple of years. We're down a little bit as far as the amount of residential sales in the city compared to 2022...down about 12.5 per cent," Mack said. "But it's interesting when you look at provincial numbers this year so far versus last year. We are right on line with the way things are in the province as well."

"Total sales in the province in 2023 thus far versus 2022 are also down about 12.5 per cent."

Mack pointed to one major factor that is keeping sales down.

"Probably a little bit of a decrease in the amount of sales because of interest rates, I think that's basic knowledge," she said. "We have a lot of young buyers, a lot of people moving within the city, I wouldn't say so much new people coming to the city. But even though interest rates have gone up, people definitely still see the benefits of owning versus renting."

She added that current interest rates are in the neighbourhood of just below five per cent.

Mack also touched on the current economic uncertainty with the coal industry, saying that it hasn't had as much of an impact on the real estate industry in Estevan as they thought it would.

"When we hear of the uncertainty with the coal we think a lot of people are going to be leaving the community and listing their houses, but inventory hasn't shot up at all," said Mack, adding that there are currently 113 houses listed in the city.

"But I wouldn't say the uncertainty has made us see a big change in the city as far as more people leaving because they're nervous about the future."

Mack said that 113 houses isn't that high compared to previous years, when there were over 200 properties listed for sale.

She said the city has remained a buyer's market for the last decade, and estimated that the number would have to go down to about 60 houses for sale for Estevan to be considered a balanced market.

"I would say inventory is low compared to what it has been over the last 10 years, but it's still high compared to a lot of other communities across the country," Mack said.

Mack said the average sale price for houses in Estevan this year is $242,000. There have been 88 houses sold so far in 2023.