Regina Real Estate Market Update June 2024

Regina Real Estate Market Update June 2024

Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!

Regina Summary:

The City of Regina reported 380 sales in June, marking a 4% increase year-over-year and 14% above the 10-year average! While the market remains tight, inventory levels have slightly improved month-over-month, with 2.06 months of supply compared to 1.69 in May. However, total inventory is still down 30% year-over-year.

The benchmark price in June was $318,100, down from $320,000 in May but 0.5% above June 2023. A slight decrease in the benchmark price during June indicates we are through the spring market and perhaps headed into less competitive real estate territory. 

Statistics for June:

Total Sales: 380

New Listings: 526

Total Inventory: 782

Months of Supply: 2.06

DOM (Days on Market): 32

Benchmark Price: $318,100

Percentage of new listings to sales: 72%

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 1,675 sales in June, a one percent year-over-year decrease but nearly 10 percent above long-term, 10-year averages. Sales levels improved in properties priced above $400,000, which nearly offset the pullback in homes priced below $300,000, as inventory challenges continue to prevent even stronger monthly sales.

New listings dipped by 14 per cent year-over-year and 21 per cent compared to 10-year trends, preventing any significant inventory relief, as inventory levels decreased by 19 per cent year-over-year and over 40 per cent versus long-term trends. Despite these persistent inventory challenges, Saskatchewan reported above-average sales for the twelfth consecutive month in June.

“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” said Association CEO, Chris Guérette. “This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”

Saskatchewan reported a residential benchmark price of $343,300 in June, up from $340,400 in May and nearly five per cent higher than June 2023. Meanwhile, the communities of Humboldt ($272,500), Martensville ($398,800), Melfort ($250,100), Prince Albert ($251,700), Saskatoon ($403,500), and Warman ($463,500) reported record benchmark prices in June, with Saskatoon eclipsing the $400,000 mark for the first time.

“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centres,” said Guérette. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”

Regina Region June 2024 Real Estate Regina June 2024

Regina Real Estate 2024 Regina Real Estate June 2024

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