Regina Real Estate sales were down 33% in November 2022 compared to November of last year and yet the benchmark price of homes is still up 1% compared to last year. There were 209 total residential sales in Regina this month. Year to date, the city has 3,460 total sales, down 2% from last year.
Other Stats for November:
- New Listings: 315
- Total Inventory: 947
- Month of Supply: 4.53
- DOM: 50
- Benchmark Price: $314,300
- Percentage of new listings to sales: 66%
- Ask to Sale Price Ratio: 94%
SEE HERE FOR A FEW COMMENTS MADE BY CEO CHRIS GUÉRETTE OF THE SASKATCHEWAN REALTORS ASSOCIATION:
There were 924 sales recorded across the province in November, a 32 per cent decline over last year’s record high. While sales continue to slow when compared to 2021, a record year, year-to-date activity remains over 16 per cent above long-term trends in the province.
The ongoing pullback in new listings continues to be driven largely by homes priced below $500,000. While new listings improved in higher priced product, the decline in sales and new listings has prevented inventory gains. For the second consecutive month, inventory levels remain over 25 per cent below 10-year averages.
“Higher lending rates and inflationary pressures are impacting housing demand across the country,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “That said, our market remains resilient, and the biggest concern is a lack of supply in homes priced below $500,000. It’s increasingly clear that the lack of supply is in the more affordable segment of our continuum.”
Market conditions remain relatively tight for lower priced homes while supply gains in the upper price ranges are resulting in more choice for buyers. While the benchmark price has trended down from levels reported earlier in the year, prices remain nearly two per cent higher than levels reported this time last year. “Market conditions vary significantly across the country and unlike other markets, we continue to report sales levels well above long-term trends,” said Guérette. “Positive long-term fundamentals have Saskatchewan on track to continue to fare better than many markets across the country.”
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