Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
In April, Regina saw a surge in sales with 424 transactions, marking a 50% increase year-over-year sales. Despite an increase in new listings, inventory is still down 30% with less than 2 months of inventory. The benchmark price hit $319,800, up nearly 3% from 2023. The list to sell ratio is sitting around .83, meaning 83% of homes going on the market are selling and they are selling for an average of 98% of the asking price. It’s a great time to sell, with sellers being able to recoup any loss of market value during the 2016-2019 years. Prices will increase further if rates continue to drop. Be sure to reach out to us if you’d like to chat about making a move! - Kelsey Smith
Statistics for April:
Total Sales: 424
New Listings: 514
Total Inventory: 691
Months of Supply: 1.63
DOM (Days on Market): 41
Benchmark Price: $319,800
Percentage of new listings to sales: 0.82
Ask to Sale Price Ratio: 0.98
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
Saskatchewan reported 1,642 sales in April, up 32 percent year over year and compared to long-term, 10-year averages. April marked the fourth consecutive month of above-average sales to open 2024, resulting in year-to-date sales nearly 17 percent above last year. Sales levels improved across all larger regions of the province, with the most significant gains being reported in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.
Despite a slight uptick in new listings, which supported a modest monthly gain in inventory across the province, inventory levels are down 16 per cent year-over-year and 40 per cent below long-term, 10-year trends. As seen in prior months, the sharpest decline in inventory is reported in products priced below $300,000, with some supply relief in homes priced above $500,000.
“Economic growth, employment gains, and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a tenth consecutive month of above-average sales in April,” said Association CEO, Chris Guérette. “These factors are, without question, boosting housing demand – as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”
Saskatchewan reported a residential benchmark price of $339,800 in April, up from $334,500 in March and nearly five per cent higher than April 2023. Prices rose across all property types in April, ranging from a five per cent gain in detached and semi-detached property types to a 13 per cent gain in apartment-style properties.
“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” said Guérette. “We’re approaching uncharted territory in our two largest markets right now – it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”
Are you looking to buy, sell, or invest in the local Regina real estate market? Our team is here to guide you every step of the way. Fill out the online contact form or call at 306-552-7047 for a personalized consultation and let us help you achieve your real estate goals.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.