Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
Happy August! Regina real estate during July continues to surprise us, with another significant year-over-year increase for total sales. Prices have also continued to creep up and inventory even saw some gains. Overall the market is performing well, with many buyers successfully finding new homes and sellers are seeing positive results on their bottom dollar.
Statistics for July:
Total Sales: 381
New Listings: 537
Total Inventory: 821
Months of Supply: 2.15
DOM (Days on Market): 36
Benchmark Price: $318,400
Percentage of new listings to sales: 71%
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 1,667 sales in July, a seven per cent year-over-year gain and over 20 per cent above long-term, 10-year averages. The thirteenth consecutive month of above-average sales in the province has contributed to year-to-date sales that were 10 per cent above July 2023 and 19 per cent above the 10-year average.
While new listings saw a modest year-over-year gain, this had little impact on inventory levels, which were down 20 per cent year-over-year and remain over 40 per cent below long-term trends.
“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said Association CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”
Saskatchewan reported a residential benchmark price of $344,800 in July, up from $343,300 in June and nearly five per cent higher than July 2023. Home prices trended up across all property types in July, with year-over-year gains ranging from over four per cent in detached to 11 per cent in row/townhouse-style properties.
“With just over three months of inventory across the province – below two in some of our larger centres – it remains a challenging time for prospective buyers right now,” said Guérette. “Supply constraints, when paired with strong demand, continue to place upward pressure on prices – as evidenced by record benchmark prices in some communities for the second consecutive month.”
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