Regina Real estate during December brought some interesting developments. As a local Regina real estate agent, I want to share a straightforward take on what's been happening in our city's property market.
Last month, Regina saw a solid boost in home sales, hitting 188 transactions—a significant 25% increase from last year and 24% above our usual trends during December. This uptick highlights the consistent appeal and demand for homes in our city.
But here's the twist: even with the increased sales, new listings took a dip for the whole year, down by 12% in 2023. This has created a bit of a challenge—our inventory levels are now more than 33% below what we usually see.
Now, you might expect that strong sales and fewer homes for sale would keep prices steady. However, in December, Regina's real estate market reported a benchmark price of $299,800, a bit lower than November and 4% below what we saw in December 2022.
As we navigate through these changes, Regina's real estate market remains resilient and dynamic. The high demand for homes, along with the unique mix of new listings and inventory challenges, keeps us real estate professionals engaged and adapting to the evolving market.
STATISTICS FOR DECEMBER:
Total Sales: 188
New Listings: 200
Total Inventory: 651
Months of Supply: 3.46
DOM (Days on Market): 62
Benchmark Price: $299,800
Percentage of new listings to sales: 94%
Ask to Sale Price Ratio: 96.2%
INSIGHTS FROM CHRIS GUÉRETTE:
Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages.
Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 percent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.
Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 per cent year-over-year in December and remain nearly 35 per cent below the 10-year average.
“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said Association CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”
The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 per cent above December 2022.
“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”
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. Contact us today by filling out our online contact form or call 306-552-7047 for a personalized consultation and let us help you achieve your real estate goals.
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