Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
As we close in on summer, Regina real estate during the month of August has still surpassed expectations. There were 387 sales during the month of August, which is up 8% from last year and 29% on average. Prices increased 3% from August 2023, which is fun to see because prices usually stabilize over the hottest summer month. Declining interest rates are welcomed and the questions are coming; will it be a buyer or sellers market for the rest of the year and into 2025? Time will tell!
Statistics for August:
Total Sales: 387
New Listings: 502
Total Inventory: 826
Months of Supply: 2.13
DOM (Days on Market): 35
Benchmark Price: $319,700
Percentage of new listings to sales: 77%
Ask to Sale Price Ratio: 0.99
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
Saskatchewan reported 1,507 sales in August, a seven per cent year-over-year decrease but over 12 per cent above long-term, 10-year averages. Despite a slight pullback in sales, August marked the fourteenth consecutive month of above-average sales, and year-to-date sales remain seven per cent higher than levels reported last year.
A modest gain in new listings relative to sales resulted in the sales-to-new-listings ratio trending down from levels reported over the last few months, preventing an even more significant monthly decline in inventory levels. However, inventory levels slid by 17 per cent year-over-year and remain 40 per cent below long-term averages.
“Unlike many other parts of the country, sales in our province continue to outperform historical averages for a fourteenth consecutive month,” noted Association CEO, Chris Guérette. “Saskatchewan’s relative affordability, when paired with employment gains and falling unemployment rates, continues to support strong housing demand in our province.”
Easing supply levels, especially in the lower price ranges, are again placing upward pressure on home prices. In August, Saskatchewan reported a residential benchmark price of $344,700, a six-percent year-over-year gain.
“Inventory levels remain over 40 per cent below average province-wide and in our two largest centers – and we’re seeing the impact that can have on prices,” said Guérette. “Nearly all regions of the province saw year-over-year price growth in August, as high as 11 per cent in Moose Jaw and 9 per cent in Saskatoon – that’s very significant.”
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