Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
Regina Real Estate continues to experience low inventory and an increase in home prices. Total sales and new listings were just slightly up compared to March. With prices up 2% month over month, interest rates stable and slightly decreasing, we will likely see home prices increase further throughout the year. As the boots on the ground, we have written a number of competing offers with our buyer clients. Our goal is to help our clients find new homes while still staying within the reasonable market value of the property to ensure they don’t overpay. 75% of new listings are selling and are selling within 3% of the list price on average. -Kelsey Smith
Statistics for March:
Total Sales: 312
New Listings: 417
Total Inventory: 692
Months of Supply: 2.22
DOM (Days on Market): 47
Benchmark Price: $313,100
Percentage of new listings to sales: 75%
Ask to Sale Price Ratio: 0.97
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
Saskatchewan reported 999 sales in February, a 17 percent year-over-year gain and 24 percent above long-term, 10-year averages. Although February sales followed common seasonal trends in rising above activity levels from the month prior, the pace of growth was significant and well above levels typically seen for this time of year.
While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 per cent year-over-year decline in inventory, with inventory levels sitting nearly 38 per cent below 10-year trends.
“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO, Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”
Saskatchewan reported a provincial benchmark price of $330,800 in February, up from $319,600 in January and nearly 5 per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.
“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette. “We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”
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.