Interested in what's happening with Regina Real Estate Sales? Check out the monthly article for detailed market stats!
Regina Summary:
Wow, what a year! 12 straight months of inventory struggles coupled with increased buyer demand increased the average price of a Regina home by 6%. Ending the 2024 calendar year, Regina experienced a record breaking year with 3,917 sales. In December, our small city experienced even more sales than new listings, meaning lingering inventory with higher days on market were scooped up by anxious buyers this month.
Our team is actively adjusting strategies for our buyers and sellers for what we expect to be a reactive time for viewing new listings and managing the influx of activity on new listings. Check here for our 2025 Market Predictions article and contact us to start discussing your move.
Statistics for December:
Total Sales: 198
New Listings: 153
Total Inventory: 497
Months of Supply: 2.51
DOM (Days on Market): 44
Benchmark Price: $313,400
Percentage of new listings to sales: 129%
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 776 sales in December, up three percent year-over-year and nearly 15 percent above long-term, 10-year averages. Above-average December sales capped off the second-strongest year on record for resale housing activity in Saskatchewan, with 16,119 sales across the province in 2024, up nearly nine percent from 2023.
Strong demand throughout 2024 was consistently met with declining new listings, resulting in record inventory lows at various points throughout the year. In December, new listings decreased by 16 percent year-over-year, down nearly 30 percent from 10-year averages and two percent below 2023.
“Our province closed 2024 with an eighteenth consecutive month of above-average sales, an incredible statistic when you consider the significant inventory challenges we’ve faced throughout the year,” noted Association CEO, Chris Guérette. “This lack of available inventory, specifically in the more affordable segment of the market, is very likely preventing even stronger 2024 sales figures.”
Seasonal sales trends allowed the provincial months of supply to reach nearly five months in December, up from below four months in November. However, inventory levels decreased by 20 percent compared to December 2023 and continue to sit over 40 percent below the 10-year average – with even tighter conditions reported in Regina and Saskatoon.
The province’s residential benchmark price stood at $337,800 in December, down slightly from 338,400 in November, consistent with seasonal trends. Despite the slight month-over-month decrease, Saskatchewan’s residential benchmark price grew by nearly seven percent compared to December 2023.
“Saskatchewan’s resale housing market continues to benefit from record population figures, employment growth, and the recent Bank of Canada interest rate cuts,” said Guérette. “As we look ahead to 2025, we expect supply challenges to continue as a dominant theme. If this increased demand continues in the new year, we will likely see prices continue to trend upward across the province.”
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.