Market Update - February 2025

Estevan Real Estate Market Update – February 2025

As we move through 2025, the Estevan real estate market continues to present both challenges and opportunities for buyers and sellers alike. Understanding key market trends is essential for making informed decisions, whether you're looking to invest, sell, or purchase a home.

Market Overview

The total residential benchmark price in Estevan for February 2025 is $206,700, reflecting a 2.3% year-over-year (Y/Y) decrease. This price adjustment suggests a stabilization in the market following prior fluctuations.

Key Metrics at a Glance:

• Sales: 11 transactions, a 10% increase compared to February 2024.

• New Listings: 17 properties were listed, marking a 26% decrease year-over-year.

• Inventory Levels: 44 available properties, showing a 41% drop compared to the previous year.

• Months of Supply: Holding at 4.0 months, indicating a balanced market where supply meets demand.

• Days on Market (DOM): Homes are selling in 57 days on average, showing improved turnover rates.

A Look at Different Property Types

Detached homes continue to dominate Estevan’s real estate landscape, with an average price of $224,800. However, apartments and multi-family properties have seen some variability, highlighting shifts in affordability and demand.

The most active price range remains between $200,000 and $300,000, where the majority of sales occur, aligning with buyer affordability and financing options.

Year-to-Date (YTD) Trends

When comparing year-to-date figures, Estevan has seen a 38% increase in total residential sales. Despite fewer new listings, strong demand keeps the market competitive, leading to quicker sales and fewer homes sitting on the market for extended periods.

What This Means for Buyers and Sellers

For sellers, declining inventory levels can work to your advantage, as fewer available properties increase competition among buyers. Well-priced homes in desirable neighborhoods are seeing faster sales.

For buyers, while home prices remain relatively stable, fewer listings mean acting quickly on desirable properties is crucial. Additionally, securing favorable financing in today’s interest rate environment is a key factor in making a successful purchase.

Looking Ahead

The Estevan real estate market remains resilient, with steady sales activity and manageable inventory levels. Whether you're considering listing your home or entering the market as a buyer, working with a knowledgeable real estate professional can help navigate these changing conditions.

For more insights on Estevan’s housing market, contact Joshua LeBlanc, a trusted expert in Estevan Real Estate. Stay tuned for next month’s update!