Interested in what's happening with Regina Real Estate Sales? Read the monthly article for detailed market stats!
Regina Summary:
Regina Real Estate temperatures get cold but the market stays hot! 91% of listings that came to the market in November sold and sold within 2% of their asking price. With less than 500 detached single-family homes on the market, now is an excellent time to sell. Those looking at buying should start looking earlier in the year because the spring market will be extremely competitive!
Statistics for November:
Total Sales: 273
New Listings: 301
Total Inventory: 610
Months of Supply: 2.23
DOM (Days on Market): 42
Benchmark Price: $313,700
Percentage of new listings to sales: 91%
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 1,179 sales in November, marking the second-highest monthly sales volume ever for the month. This represents an 18 percent increase compared to November 2023 and 27 percent above the 10-year historical average. Sales growth was widespread, with nearly all regions of the province contributing to a nine percent year-to-date sales increase.
November marked the seventeenth consecutive month of above-average sales, which coincided with a drop in new listings. This imbalance further reduced inventory levels, which declined by 23 percent year-over-year and currently sit nearly 45 percent below the long-term, 10-year averages—the lowest for November since 2007.
“As 2024 draws to a close, it’s shaping up to be one of the strongest years on record for our province,” said Association CEO Chris Guérette. “Given the ongoing inventory challenges in many Saskatchewan markets, the fact that we’re reporting above-average sales for 17 consecutive months is unprecedented.”
With inventory tightening and demand remaining strong, Saskatchewan reported 3.6 months of supply in November. While this is a slight increase from October, it remains well below typical seasonal levels. These tight market conditions continue to drive price growth, with many communities across the province reporting year-over-year benchmark price increases.
The province’s residential benchmark price stood at $338,400 in November, slightly down from $343,400 in October. However, this seasonal decline aligns with historical patterns, and the November price remains over five percent higher than the same time last year.
“Saskatchewan’s housing market continues to exceed expectations and defy many seasonal trends,” noted Association CEO Chris Guérette. “After a record-breaking October, November delivered the second-highest sales on record for the month, underscoring the sustained strength of housing demand 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.
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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.