During the month of April, the Regina real estate market continued to slow for the fourth consecutive month. Total sales were down 27% compared to this time last year but are only slightly below the 10-year average. Following the trend, new listings are down about 30% and overall inventory is down about 14.5%. This is all interesting because despite less sales & less inventory, the benchmark price of homes was down 4.6%. This all leads to signs of stability in SK, the coming months should show positive gains for the Regina real estate market with sales, listings & prices being stable.
STATISTICS FOR APRIL:
Total Sales: 276
New Listings: 435
Total Inventory: 947
Months of Supply: 3.43
DOM (Days on Market): 48
Benchmark Price: $311,200
Percentage of new listings to sales: 63%
Ask to Sale Price Ratio: 97.2%
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
Saskatchewan reported 1,216 sales in April, down 21 per cent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year. Although inventory levels experienced a 4 per cent year-over-year decline and remain over 30 per cent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.
“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO, Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”
The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.
“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.
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