Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
Wow! The Regina Real Estate market in 2024 has been wild so far. I haven't been selling houses for two decades (only 8 years) but I personally haven't seen inventory so low and the Ask to Sale Price ratio so high in my career so far. What this means is that 80% of listings that are coming to market are selling and are selling within .1% of their asking price. This takes into account those homes that sell under the asking price which averages out the ones that sell over the asking price. It’s a recipe for a very very competitive market. Home prices are slowly trending up and if interest rates come down a few more points we will likely see prices continue to increase.
Our team is thrilled to have helped so many buyers & sellers be successful so far this year, however we still have clients that have been patiently waiting for their perfect home to hit the market. We are working hard to meet everyone's needs, including our Rent to Own clients, long distance sellers & out of province buyers.
Statistics for May:
Total Sales: 440
New Listings: 559
Total Inventory: 742
Months of Supply: 1.69
DOM (Days on Market): 34
Benchmark Price: $320,000
Percentage of new listings to sales: 79%
Ask to Sale Price Ratio: 0.99
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
Saskatchewan reported 1,841 sales in May, up six percent year-over-year and 24 per cent above long-term, 10-year averages. Sales levels remain strong across many regions of the province, with the largest year-over-year gains occurring in the Swift Current-Moose Jaw and Northern regions.
In line with seasonal expectations, the province reported a month-over-month gain in new listings. However, strong sales continue to prevent significant inventory relief, with inventory levels remaining at their lowest point since 2008. The sharpest decline in inventory continues to be experienced in homes priced below $300,000, as the more affordable segment of the market remains extremely competitive.
“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” said Association CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”
Saskatchewan reported a residential benchmark price of $340,400 in May, up from $339,800 in April and over four per cent higher than May 2023. Prices rose across all property types in May, with the most significant gains occurring in apartment and row/townhouse-style properties.
“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” said Guérette. “With further rate cuts on the horizon likely to spur additional demand – and no immediate inventory relief in sight – we expect tight conditions to continue to place upward pressure on prices 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.