The Regina real estate market reported 418 sales in May, an eight percent year-over-year decrease. Although sales eased on a year-over-year basis, they remain far higher than the 10-year average and pre-pandemic levels. While we saw an increase in new listings during the month of May, the city is still well below 10 year averages for inventory. Despite the low inventory, the benchmark price of homes is down 6% year over year, meaning the market is still showing signs of balance to both buyers and sellers. Looking at the market from a month-to-month perspective, May faired so much better than April. We had a 4% increase in the benchmark price of homes from last month to this month and we had almost double the new listings. These are positive signs even though interest rates took another hike.
STATISTICS FOR MAY:
Total Sales: 418
New Listings: 576
Total Inventory: 999
Months of Supply: 2.39
DOM (Days on Market): 46
Benchmark Price: $316,100
Percentage of new listings to sales: 73%
Ask to Sale Price Ratio: 98.2%
*Note these are Year over Year based statistics
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.
Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.
“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”
Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.
“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains. For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”
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